Great work mate. Assuming the sales pipeline is as strong as we are always told (eager to see some forward-looking guidance as part of the January Quarterly), and we see growth in all segments and current geographies - 2018 should be a lot more fun than 2H17 has been.
US$112.5m* + 2017 slipped revenue** + any MABR in China or ROW + any revenue from Africa potable water plant*** + any SUBRE + anything from PDVSA**** + any new left-field BOT or a start to WaaS
*minimum guided 25% increase on predicted $90m
**at least the slipped $14m for San Quintin upon financial close, but would mean $24m total in 2018
***$35m in 2018 if we close
****potential $95m
All US$, possibly adding another tailwind as the A$ looks set to weaken in the next 12 months.
My gut feeling is that they will forecast with restraint for 2018, and aim conservatively for $130m - 150m when they provide guidance in January. I think 2018 will be about steady growth of revenues from their current footprint, whilst concentrating strongly on the growth of their Smart Packaged Plant range especially CMABR and Nirobox with a view to a stellar 2019. The January guidance will obviously not include some of the above, so I expect any guidance figure to be immediately upgraded upon winning anything like the Africa deal, or recognition of PDVSA, larger-scale or repeat-order deals for CMABR in China etc etc.
Finishing 2018 with US$200m+ in consolidated revenue is an achievable (some might even say conservative) ambition for management in my opinion. What this does to the SP is anyone's guess because the SP is quite clearly drunk.
FLC Price at posting:
47.0¢ Sentiment: Buy Disclosure: Held
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