If the WIP balance stays the same as it was at end of FY 2015, $140M EBITDAW = $140M EBITDA = earnings per share of about 15 cents after tax.
Multiply that by a PE of 10 = SP of $1.50.
I'm suggesting WIP balance doesn't change because if it increases by a substantial amount, credibility becomes a bit (more) strained.
For myself, I can't see how they can go from $40M operating cashflow negative in the first half to approximately $180M positive in the second half (to get to your $140M EBITDAW figure) in one step. Seems a very big ask.
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$51.97 |
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