It should not have been entertained at 9.50 in the first place....

It should not have been entertained at 9.50 in the first place. I've upgraded revenue from 15% to 20% growth only due to the fact that revenue with orders in hand has already grown 14% and with the skew you will need to raise it.

FY 21 - 618m
FY 22 - 730m

Margins are going to be horrible due to investments made FY22

Slashed operating margins from 9.5% to 9% = EBIT @ $65.7m

FY21 EBIT = $58.9m even at 14% revenue growth EBIT will still be higher. @ 9% margin

Net margin slashed from 6.5% to 6.3% due to capex $46m NPAT v $39.4m FY 21

NPAT will still be higher at 14% revenue growth where it currently sits

Cashflow per share ~83c

Cashflow yield 10% @ $8.30..... normal yields are 5%