Ann: TRADING UPDATE - H1 FY2021, page-8

Revised forecasts for FY21 full year:

$225m sales representing 48% yoy growth
49% GP margin
$36m EBITDA
$32m EBIT
$25m NPAT

You can see I'm trying to be conservative with 2H numbers (~$20m 1H EBIT, ~$12m 2H EBIT).

Historically there's a 55%/45% earnings skew, but sales more or less 50%/50%.

I think there will be ~50 cents per share in dividends (unfranked of course).

So basically, GLB is trading on a cash adjusted P/E multiple of about 5 times (or ~7 times, excluding the cash).

	Period	2018	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021 (f)
1	Sales	122,315	117,575	91,732	88,740	84,473	84,173	104,007	137,761	150,822	140,484	147,726	159,143	151,772	225,000
2	COGS	-60,558	-63,520	-48,168	-47,868	-44,975	-47,007	-55,770	-74,191	-83,983	-76,075	-77,161	-85,678	-81,379	-113,625
3	GP	61,757	54,055	43,564	40,872	39,498	37,166	48,237	63,570	66,839	64,409	70,565	73,465	70,393	111,375
4	GP%	50.5%	46.0%	47.5%	46.1%	46.8%	44.2%	46.4%	46.1%	44.3%	45.8%	47.8%	46.2%	46.4%	49.5%
5	SGA	-41,197	-39,819	-25,056	-23,584	-23,737	-26,373	-28,533	-37,141	-38,843	-36,591	-39,476	-40,995	-41,592	-45000
6	Wages	-19,061	-18574	-13,006	-14,136	-13,968	-15,433	-17,247	-20,184	-21,206	-21,683	-21,422	-23,292	-20,924	-29250
7	EBITDA	1,499	-4,338	5,502	3,152	1,793	-4,640	2,457	6,245	6,790	6,135	9,667	9,178	7,877	37,125
8	D&A	-1,704	-1,480	-1,350	-1,163	-1,089	-1,107	-845	-698	-614	-722	-1,061	-1,118	-4,129	-4,129
9	EBIT	-205	-5,818	4,152	1,989	704	-5,747	1,612	5,547	6,176	5,413	8,606	8,060	3,748	32,996
10	EBIT %	-0.2%	-4.9%	4.5%	2.2%	0.8%	-6.8%	1.5%	4.0%	4.1%	3.9%	5.8%	5.1%	2.5%	14.7%
11	Interest	-98	-92	-138	-14	-2	-33	-160	-190	-284	-231	-151	-284	-897	-897
12	Tax	-3,655	-2,958	-1,919	-687	-640	990	3,301	-1,699	-1,152	-101	-15	421	-332	-6,599
13	NPAT	-3,958	-8,868	2,095	1,288	62	-4,790	4,753	3,658	4,740	5,081	8,440	8,197	2,519	25,500
14	One-offs	-20,639		-831	-199		-1,169	-17,055						3,632