Not sure I agree. We should have an eps of around 3c per share that's and 18PE in a small cap.
I would think that that is fully priced and pricing in some growth at that. I think to go much higher would risk overvaluing it. My value of 60c its top and then beyond that we need something to value it higher.
The businesses it has acquired are relatively mature so its in the cohesion and aggregation that makes this interesting for me. What they have demonstrated is the ability to get the systems integrated and to find benefits from the process - like the working capital benefits we have seen. I reckon that the next stage will be interesting - how do we grow from here.
I think the share price reflects that we are waiting for direction - upwards and onwards , sideways whilst we consolidate or down as growth slows.
PGC Price at posting:
54.5¢ Sentiment: None Disclosure: Held
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