Ann: Research Coverage Initiated, page-10

If?

Reminds me of JFK - "Some people say why? I say, why not?"

So, if Noveda doesn't fall over, then what?

"We view the successful acquisition of Noveda as a key driver of our forecast revenue profile over the next five years; in FY21E we forecast that electricity, water & gas monitoring & verification contracts will account for +75% of group service revenue. Although we believe the acquisition will progress, we attach a 25% discount to our DCF value to capture acquisition risk. Our risk-adjusted target price of A$23cps indicates significant upside potential relative to current share price levels of A$8cps. We initiate coverage on BUD with a Speculative Buy (Higher Risk) recommendation. "

25% acquisition risk? Given what Dave and Noveda have stated publicly, I can live with that. So, apparently, can State.