Ann: Earnings to Exceed Previous Expectations - FY22 Guidance, page-3

So, the company is again revising upwards its forecasts.
This time, it is revising its FY 22 revenue forecast by 3 % and its normalised EBITDA forecast by 20 % (vs its previous forecasts given 2 months ago).
Based on these new forecasts, DGL is valued with an EV/EBITDA 22 of 15.4 x (share price : 3.50 $).

Main reasons given by the company for the revision :
- revenue and margin expansion recorded so far this year,
- expected to continue through the end of the financial year.

The company is doing well on most of the elements :
- strong organic growth (+ 23 % during H1 22),
- active M&A strategy with good results so far (for H1 22, the company said that acquisitions were performing in line with expectation),
- also good cost control (after H1 22, DGL mentioned that headwinds (raw material and employee cost pressures) continue to be managed well).

DGL also indicates that manufacturing is their "star performer" among their 3 divisions.
This division represented 52 % of H1 22 sales vs 12 % in H1 21.
Division where the company did most of its acquisitions.
Interesting to see that it remains quite small with 74 m of revenues for H1 22.