They are not capital hungry... Their Sydney and Canberra offices were opened at little cost using lateral hires.
So far they have only acquired 2 firms... One cost $50k (Mornington) and the other $400k (Brisbane)
Their business model in terms of company structure and customer acquisition is much different from their competitors... No partners = reduced key person risk.
Once they start getting some runs on the board and the market wakes up to the growth storey... It will trade on a PE of 12 to 15....
Right now it's on a PE of around 8 using proforma numbers... And that is despite growing at close to 15% over the previous year...
Ann: Australian Family Lawyers to enter Canberra, page-8
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