Look I don't want to be a negative nelly here as I'm a holder, but I think some caution required:
- YoY sales DOWN (and last year we only had Electro sales after Sept 16, and this year we have Medtek sales from Aug) so that seems poor
- excluding the capital raising & new acquisitions, YoY sales up 11%, NPAT up 4% which seems (a) small, and (b) the wrong way around if they are building economies of scale
- the EPS bump is coming because they are making these acquisitions at 5-6 times EBITDA and their share price is at a higher EBITDA
- the EPS accretion demonstration from 6.4cps to 7.7cps after acquisition is if you assume they owned the companies from the start of the year.....the FY results are going to reflect something diff
The other thing that is bugging me is it seems that they are paying $6m paid to Bell Porter for the fund raising (" Provision for Vendor issuance"....what does that mean?)
PGC Price at posting:
76.0¢ Sentiment: Hold Disclosure: Held
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