Broker Target 3

Evans and Partners, who, incidentally, were firm supporters of ACX, have just initiated coverage, with a positive outlook and an initial valuation of $1.91

They have based their valuation on a DCF approach, have projected revenue growth estimates at 797% this year, 126% in 2019, 104% in 2020, and 58% in 2021. They see the co profitable in 2020, with strong growth following.

By 2021, they forecast EBITDA of US$40m and NPAT of US$39m, with revenue of US$145m.

The initial report is in depth and very insightful. Runs to 22 pages.

More on this soon. I know I have been a bit quiet of late.