So took another look at the PTL presentation, my observations:-...

So took another look at the PTL presentation, my observations:

- First time HwB has taken front spot as the dominant segment.
- HWB 62% vs Pental Brands 38% of earnings.
- $8m NPAT if full year and no debt valued at 8.2x P/E
- 70% payout ratio equals 10.6% gross dividend yield
- Pondering if they could spend $20m in debt during the next recession for another opportunistic acquisition, go 2x NPAT into gross debt to increase NPAT by 20-30%.

The main question for me is how will HWB hold up after having such a strong pandemic run increasing it's NPAT by 700% over the past 3 years. Will have to do some amateur analytics to get some confidence in that. But even if there is some mean reversion say earnings decline by 33% it would only take the P/E up to 10.5x.

I like the earnings profile more than ever for stability and upside longer term, I do think the e-commerce boom is over so stock multiple is unlikely to change too much anytime soon so would be more of a dividend play.