The market needs to understand a few things before it values ACF appropriately.
Revenue has gone from $36.5M in 2H20 to $45.4M in 1H21, and based on new annual revenue guidance of $106M for FY21, the revenue in 2H21 should be around $60.6M. This level of growth is approx. 30% on a half yearly basis.
Following all the great comments about the confusing reporting of profit by ACF, I note that in 1H21, the only item which should be added to reported EBIT is the $567K for Acquisition and Integration Expense. A bright spot in the last HY report is that very little new shares or equity was issued. I hope this can continue.
The new guidance for NPAT of around $9M does not refer to "normalised", so this must mean reported. This points to an extremely strong 2H21 report. Margins are likely to be much higher than in previous halves.
Did everybody notice the new outlook for "double digit growth" for "medium-term earnings". This is huge and IMO strongly points to strong share price growth from what is a very low base (An NPAT of $9M as guided equates to a FY21 P/E of around 8.4).
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