MBE Oversold, page-343

Acquisition's in past 2 years have performed well above expectations which have resulted in earn outs of $6m for fy2015 figures and around $7m for fy16 and so on

$6m of the latest CR was used for earn outs and a large % of the remaining cash looks earmarked for future earn outs

This is far greater than the NPAT of the entire mbe for each respective year

What has the business model achieved without these acquisitions ?

Has MBE overpaid for its acquisitions if the earn outs are so large in respect to the entire groups actual profits ?

CEO presentation to shareholders on 23rd November clearly stated that FY17 revenues would be $70m plus ( only 70 days ago)

These are relevant questions that must form part of a proper analysis

DYOR