Thanks for your thoughts. I agree with your points. I've been...

Thanks for your thoughts. I agree with your points. I've been working on my own - see cut/paste below. Would appreciate any thoughts you have on these. Cheers, Simon

	Thought/observations from pack
1
2	- Large acquisition - approx 50% revenue. Acquisition could be transformational eg. Similar to AX1 acquiring HYPE, giving them scale, talent and ideas.HLA should avoid the stock overhand that AX1 suffered as deal is mainly cash.
3	- Good complementary geographically fit. New clinics providing growth options via adding services to sites.
4	- Both Back in Mortion and Healthia experiencing 8-9% organic growth
5	- 7.15x EBITDA or 12.1x NPATA are full multiples … but with Clinic Classon better multiples, shareholders actually pay 12.7x NPATA!
6	- Acquisition is earnings positive … as HLA is trading on higher multiples (debt multiples actually decrease as part of deal).
7	- BIM has considerably higher EBITDA and NPATA margins. … BIM is a more profitably business than HLA. This is only partly due to HLA's public company overheads.
8	- Synergies are not discussed in the pack?
9	- Capital raising ratio is 1:2.7 … retail holders heaviliy diluted as only offered 1:4.3 (however the sock likely needs insto's to drive interest/demand from a wider range of investors).
10	- Strong board participation
11
12	Upside risks
13	- FY21 revenue impacted by Vic lockdowns. FY22 will be too, but once acquisition is completed, there should be few (if any) going forward.
14	- Provides sites and scale to improve revenue with infill of other offers.
15	- New growth opportunities via BIM's pilates, dieterics embrionic offers
16	- HLA could learn from BIM on how to becomes more profitable
17
18	Downside risks
19	- large acquisition integration issues (franchisee to employee).Likely to have at least a few problem franchisees.
20	- More lockdowns (surely not??!!)
21	- HLA may not be able to maintain BIM's historically higher profitability.