I can understand the bear case - but they are just so vanilla.
Yeah EBITDA is going to be down but so is CAPEX as synergies kick in with Figure 8 and restructure costs halt this year so expecting ~57M NPAT which is a 40% increase to FY19. Not to mention EPS is a 30% jump from FY19. FY 21e EPS as it stands without any nasty suprises is 76c so from FY19 EPS at 35c that's over 100% jump in earnings currently at 34 p/e on FY21e.
It will go lower but not by much more as its growth profile is too good.
Probable Trend Reversal For APX, page-542
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