Fair Value for BFGR, page-26

I'd say the current sp is around fair price for a flat H2 vs H2 (excluding 100% TPP & synergy gains) on the basis that the PE doesn't get re-rated.
Target $1.02-$1.07 in 12 mnths based on PE re-rating to 12 but that would need at least flat organic H2 vs H2.
On the basis that the market doesn't seem to favour BFG I wouldn't hold out on the re-rating in 2018 so i think that flat H2 low 90's, low single digit growth mid 90's, double digit growth around $1.00 (all ex TPP transaction).

Biggest risk to BFG is a serious market correction / global slowdown in which case their profits would collapse on lack of deal activity.