Well, it took longer than expected but it looks like the MHE business is finally starting to generate some momentum. $18M EBIT in FY15, $24M in FY16, guidance of $30M this year looks likely to be met and forecast for FY18 is $42-46M.
You won't find many businesses out there in the current market that are capable of generating EBIT CAGR of 35%.
On the downside a lot of that is still being generated from equity raisings which means EPS growth is nowhere near that high. Last FY, EBIT growth was 34%, underlying NPAT growth was 20% but EPS growth was only 9%. PE is currently sitting somewhere over 20 so we may have to wait a while longer for the SP to start rising again after years of hiatus where it got way too far ahead of itself.
Still pretty optimistic about the future of this company and happy with management.
Ann: Ingenia closes FY17 with record 211 new home settlements, page-2
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