I was trying to forecast FY17H1 revenue, EBITDA and EPS and found it quite difficult. I couldn't find normalised FY16H1 results (including their three acquisitions for the entire period) to work off as a base and there was little in the way of information around the two small acquisitions during the period. So my guesses are revenue around $60m, EBITDA around $8m and EPS around 3.0 cents for FY17H1. For FY17H2, I think we should be able to hit 3.5 cents due to a combination of organic growth and greater mix of capital equipment sales in H2. I'm interested in views on FY17H1 revenue and EBITDA which would support a higher EPS than 3.0 cents for the first half.
In any case, if they manage EPS 6.5 cents, the current price appears good value at a PE of 12.7.
PGC Price at posting:
82.5¢ Sentiment: Buy Disclosure: Held
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