1H2018 NPBT was 21.4m, so even if we assume that they will deliver half of the forecast NPBT in 1H2019 (so 25.7m), then it looks closer to ~20% growth. I would think that the 2nd half would be stronger given added customers and also looking at the historical performance/growth, but keen to understand how you got that number.
I'm not challenging how impressive the results for DDR are, and I suspect that the 10% growth is relatively conservative as I think they will have to get at least 5% above that to keep working capital needs under control without further borrowing (10% growth implies an EPS of ~22c, so paying out that amount means they are pay out every dollar of cashflow coming in)
DDR Price at posting:
$3.59 Sentiment: Buy Disclosure: Held
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