Tough market to please, last few halves has been slow and steady progress, but management still needs to build credibility. Might be worthwhile fleshing out the big motherhood statements of Ebitda of $100m in 2027 and $1bn market cap. Market struggling to see past the half let alone 4 years from now. Great they have an aspirational target but perhaps you might split out what will be organic and what will be M&A (after all M&A has had a checkered past). Back solving, implies revenue growth of at least 14% per annum and the ebitda margin expanding to 18-19% (currently about 12%). Great if they can achieve, but sounds like a tall order, don't need to put a monkey on your back.
PGC Price at posting:
30.5¢ Sentiment: None Disclosure: Held
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