Ann: Acquisition of Australian Petro Chemical Storage, page-326

Sell side analysts are well known to tweak their models to fit their narrative.
I don't want to be too rude to highlight all of Daniel Laing's arbitrary "tweaks" but even following his line of reasoning, you can spot just how much upside we have based on his (flawed) conclusion.



Err...we could easily be on 13x P/E or 15x P/E when the earnings are arguably depressed, not booming. Some cyclical investors invest when the P/E is high and sell when the P/E is low, due to earnings at the top of the cycle being elevated. Typically, it's buy on a P/E of 100x (or negative) and sell on P/E of 4x (when the 'E' is at a record).

I take it Bell Potter are not interested in a long term capital markets relationship with DGL by submitting such a shoddy and unhelpful report. If DGL were to ever raise capital or conduct a merger, they are now unlikely to use Bell Potter.

Bad luck Bells....