Muss With issued shares at 440 m, I had eps in a range of 0.65c...

Muss
With issued shares at 440 m, I had eps in a range of 0.65c to 0.75 c for FY2017. Unfortunately, the half year result is likely to only show 0.15 c and therein lies my lack of confidence in a strong rally. The recent setback is likely to reduce the earnings multiplier until MBE get back on track. IMO, this will CAP the upside on the SP.
The acquisitions such as Marketing Punch will in time contribute to the growth, but the earnouts are steep. Through memory, the MP earnout alone is BP 1.5 m for 3 years. Overlay the litigation risk which remains real (albeit low probability according to MBE mgt), the adequacy of funding entering FYE 2018 and the possibility of some impairments along the way, all adds to my view that eps will disappoint.
The picture will no doubt be clearer with the half year result.
Rokewa