TNE is a quality company and has been a top performer on the ASX for a number of years.
But a 50+ P/E for 16% YoY earnings growth is a big ask.
Worse still, the actual YoY operating profit growth is single digits.
A chunk of earnings growth was driven by w/o of Contingent consideration on acqua due to underperformance (IMO this is in substance incorrect accounting given G/W, plus potential insider flag) plus some interest on the cash.
Orange flag for me is not only do mgtnothighlight this but they actually claim to "beat guidance".
The rem report tells you why....gotta bank those STIs...
Still, it is just one year so slow/minimal YoY growth can happen once.
They have attractive MT/LT aspirational revenue growth & margin targets - margin expansion is where it can play catch up.
GLTA
(20min delay)