I am not in the habit of doing the research for them however a few points. The recent acquisitions you talk about really only happened effective 1 January so they are yet to have an impact.
The cap raising have been I think to try to expand the shareholder base - Not to tap existing shareholders - The first in May last year was to retire debt - It was one of my major concerns that the business had a lot of debt which would hinder growth. The recent one was to fund the L&R acquisition.
There was another more recent report done by another broker with the recent placement - I got a copy so if you like email me at [email protected] and I will forward to you.
I think the mix of products is far too large to make simplistic value statements - definitely some are regular replacement via programs and some are very sophisticated and capital expenditure budgets. Some of these more expensive solutions are in fact labour saving - Volker Beds for example - I would suggest you look at the website.
The value proposition is in a growth area of the economy , the space is also relatively fragmented so a few acquisitions could create a lot of synergies.
Read some of the announcements I think they do a relatively good job of sketching the scene.
I would say this share is a bottom of drawer for around 36 months - set and forget.
PGC Price at posting:
27.0¢ Sentiment: None Disclosure: Held
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