Macquarie, page-3

Sorry about the format of this but below are the supporting statistics
Their 12 month target is now $1.34 with a total SH return of 76.9% which sounds great but question is will it happen in this market. The company valuation $1.74 to $2.01

MRM AU Neutral
Price (at 06:17, 29 Jan 2015 GMT) A$0.81
Valuation A$ 1.74-2.01
- EV/EBITA
12-month target A$ 1.34
12-month TSR % +76.9
Volatility Index Medium
GICS sector Transportation
Market cap A$m 299
30-day avg turnover A$m 3.2
Number shares on issue m 368.7
Investment fundamentals
Year end 30 Jun 2014A 2015E 2016E 2017E
Revenue m 594.6 746.5 635.1 613.7
EBIT m 91.6 125.0 105.0 100.1
Reported profit m 53.9 81.0 67.9 64.6
Adjusted profit m 60.9 81.0 67.9 64.6
Gross cashflow m 103.6 146.6 135.6 132.5
CFPS ¢ 36.4 39.2 35.4 33.9
CFPS growth % -7.1 7.6 -9.6 -4.2
PGCFPS x 2.2 2.1 2.3 2.4
PGCFPS rel x 0.25 0.24 0.30 0.34
EPS adj ¢ 21.3 21.7 17.8 16.6
EPS adj growth % -12.4 2.0 -18.1 -6.8
PER adj x 3.8 3.7 4.6 4.9
PER rel x 0.23 0.22 0.34 0.42
Total DPS ¢ 12.1 11.0 8.0 8.0
Total div yield % 14.9 13.6 9.9 9.9
Franking % 100 100 100 100
ROA % 9.0 8.9 7.1 6.6
ROE % 10.7 10.6 8.4 7.6
EV/EBITDA x 4.2 3.0 3.3 3.5
Net debt/equity % 36.1 31.2 26.9 17.9​

P/BV x 0.4 0.4 0.4 0.4