earning guidance - looking good, page-3

This is one that I sold a while back for around $1.25 and kicked myself as I watched it fly over $1.60.

But we can't pick tops and so if its overvalued, its a sell. Has worked well for me despite giving me many short term headaches...look at GLH for example..as soon as I sell it keeps going.

Anyway, back to MWR. It is now getting interesting again as the price comes back towards $1.

I have my reservations given the latest earnings update.
Top line growth is really good. Assuming an R&D grant of about $300k (its said to be less than last years ~600k), underlying revenue growth is actually about 25%.

However, none of this has flown through to the bottom line with NPAT halving. EBITDA is said to be flat, hence I am assuming another big jump in amortisation due to R&D probably assosciated with PinPoint. Looks like they probably won't be capitalising much, or any, again this half....hmmmm.

This is very illiquid and an early stage company, so if you truly have conviction then paying anything right up to $1.50 might make sense...but I really cannot say I can have such conviction until more runs are on the board.