Ann: 1H Fin. Results, Guidance, Dividend & Investor Presentation, page-13

Management of this company are some of the better paid in corporate Australia, let alone small cap land. Dare I say overpaid. Way overpaid.

This business is impossible to model and therefore to have any confidence in earnings, and the company does a poor job explaining.

SRG numbers pre the merger where inflated by the significant profit on the sale of property, overstating the true earnings base.

I found the merger strange, diluting the "making the complex easy" business with a recurring services business, maybe the reverse applies, strengthening a project business with recurring earnings? Anyhow, little overlap or synergies.

Probably interesting at current prices but deserves no more than a 8x-10x mid-cycle PER rating IMHO.