1. Scale of economy is emerging.
Marketing & admin exp as a % of revenue is 37.6% for 20091H. This is the lowest since 2001 (no data berfore that). Back in 20051H, the % is 77%. I expect this ratio continues to drop and as a result the increase in profit to accelerate.
2. Sales in Europe start to catch up
In $ terms, 25.9% of revenue comes from Europe in 20091H. It was 17.8% and 13.7% back in 20081H and 20071H.
3. Underlying EPS of 20 cents (exclude legal & FX)achievable based on the momentum in revenue growth.
This means the market is currently valuing Sirtex at 11 times underlying 2009 EPS. In other word, Sirtex as a growth stock has been valued as a value stock.
4.Room for improvement in margin.
Gross margin for 20091H is 76.1%. The average exchange rate for AUD/USD for 20091H is around 0.78. The average exchange rate for AUD/USD since 1st Jan 09 is around 0.66.
I expect gross margin to be back up at 80% or more in 20092H.
The only negative sign is that despite all these position signs, the market has not really responed in a rational way. Too much fear in the market......
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Open | High | Low | Value | Volume |
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No. | Vol. | Price($) |
---|---|---|
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Price($) | Vol. | No. |
---|---|---|
18.0¢ | 2426769 | 38 |
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4 | 2529419 | 0.175 |
9 | 10307688 | 0.170 |
1 | 18186 | 0.165 |
1 | 11500 | 0.155 |
1 | 2577 | 0.097 |
Price($) | Vol. | No. |
---|---|---|
0.180 | 2276769 | 37 |
0.185 | 114745 | 7 |
0.190 | 158362 | 6 |
0.195 | 505000 | 2 |
0.200 | 433737 | 9 |
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