I also expect revenue synergies to contribute to organic growth. However I'm expecting a slight deterioration in FY17H1 margin relative to FY16H2 due to the mix of consumables and capital equipment. Compared to my model, I think the upside comes from the margin. I could see them as high as 3.3c and if they hit that, I think 7.0c for the full year is in play. But I'm anchoring to 3.0c for H1 until we see the numbers in February or we're provided with a trading update in January.
FY16H1
FY16H2
FY17H1
1
Revenue ($m)
38.4
55.0
60.0
2
EBITDA ($m)
4.6
7.5
8.0
3
NPAT ($m)
2.6
4.9
4.9
4
Number of shares (m)
110.7
159.8
162.3
5
EPS (c)
2.4
3.1
3.0
PGC Price at posting:
84.0¢ Sentiment: Buy Disclosure: Held
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