Ann: Longtable Group to acquire St David Dairy and raises $15m, page-8

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21/06/18

13:23

Post #: 33856839
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Originally posted by SkinnySailor ↑

Interesting initial reaction from the market this morning. Seems like it was unsure at first but finding good support now that investors have had time to digest it.

Personally I see the Acquisition & Paris Creek update as a net positive. A few initial takeaways:

- Another acquisition of a Cash Flow / Earnings positive business, one that is growing at a much faster rate than Paris Creek (Earnings growth of 87% vs Paris Creek’s 3% over the same 16-17 period).

- In terms of earnings alone, a much cheaper acquisition than Paris Creek ($11.25 paid for each dollar of FY17 earnings vs $18.07 paid for each dollar of Paris Creek’s FY17 earnings).

- Obviously at a very different stage to Paris Creek. St David consderably smaller (Rev $4.5m vs Rev $18.6m FY17) with limited potential through improved branding (already very sharp in this area). Paris Creek on the other hand much larger with more untapped potential in terms of branding / marketing, etc.

- Important to note that while there are a lot of quality cafes in Melbourne using their Milk, there’s a lot more that aren’t yet, leaving plenty of room for further growth. Also a lot of room for growth outside of Vic if Management want to pursue this.

- Pleasing to see key management of St David staying on board, with part of the consideration in escrowed shares.

- Good update on Paris Creek. Sounds like a lot of Investment has gone into it, particularly on the branding / marketing side, with a launch of updated products imminent.

Just my thoughts. Keen to hear other’s views.

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The interest will be coming from Bell Potter`s clients , they will be trying to push this , but very small volume , indicate very little interest so far ?dyor

LON Price at posting: 73.5¢ Sentiment: Buy Disclosure: Held
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