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Ann: BWX FY17 Results Release, page-14

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Mpacman

350 Posts.

16

16/08/17

13:03

Post #: 26532045
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Originally posted by Al99 ↑

The FY result looks really solid

14 cents per share, rising to 17 cents if one adjusts for the acquisition costs.

Cash flow improving by 30% in 2017 and expected to rise again with the US acquisition.

The business looks as though it is running well. US purchase adds a bit of risk, but debt is 50% of equity and 3 times annual cash-flow, so all looks manageable.

Liked the dividend, but thought it may be a tad higher. Some franking credits left over as well by the look of it. Maybe prudence with the rising debt and hopefully is reviewed going forward.

2018 earnings should be 19 to 20 cents, putting it on 25 times plus PE, which looks a bit high.

Bought this much lower and took some profits during the last rally. Will buy some more if it retreats further.

Any other qualitative thoughts???

AL

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If they can sustain at least 20% organic growth going forward than the P/E of 25 times is hardly demanding. Seems to me like the market is adopting the wait and see approach until management gives a more solid guidance.

BWX Price at posting: $5.12 Sentiment: None Disclosure: Not Held
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0 Great analysis

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