My apologies, just answering my own post.
Just found this old coverage, suggesting NPAT of $6.8M for the fin year. Would mean a massive second half if that is the case...
Their latest presentation suggests the last quarter will be crucial to the full year outcome...
Not sure of the date of the coverage below but it does look a little dated.
I am a holder as of today.
Cheers
Gosouth
inauspicious start when floated, but ....
At the low end of the spectrum of valuation metrics is PS&C $PSZ. ... since listing on the ASX in December 2013, ... a robust 2013-14 result combined with a recent acquisition prompted analysts at Bell Potter to increase 2014-15 and 2015-16 earnings per share forecasts by 10 per cent and 5 per cent respectively. The broker is forecasting a net profit of $6.8 million in 2014-15, implying earnings per share of 12.5¢, representing year-on-year growth of 34 per cent.
Despite this strong growth profile, the company continues to fly under the radar, trading on a forward price-earnings multiple of 6.5 even after last week’s post-result re-rating.
Bell Potter increased its 12-month price target from $1.15 to $1.25 last week. This seems more in keeping with fair value, implying a price-earnings multiple of 10 relative to 2014-15 forecasts.
However, one of the most compelling aspects of PS&C is the strong position it is building in the cyber security industry. Last week’s acquisition of Pure Hacking complements the group’s existing IT security businesses, HackLabs and Securus. Pure Hacking is a former BRW Fast Starters Top 100 entrant, with more than 400 customers.
PS&C managing director Kevin McLaine flagged his intention to focus on this fast-growing sector with the prospect of further acquisitions.
Cyber security also has defensive attributes as it is virtually a non-discretionary business expense with the potential loss of earnings through IT fraud far outweighing the cost of investing in preventative measures.
Trevor Hoey - The Australian Financial Review
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