Hi Ricky
For the 1H18 A2M reported $434 million in revenue and their 4 months revenue from July that year was reported at the AGM to be $262 million. A2M didn’t put out any NPAT for those 4 months last year. I was just assuming if A2M followed the same cost/revenue structure as last year where more costs were skewed on the second half, it will average out those margins when you look at full year ratios. I do not want to overestimate NPAT for the 1H19 so I’ve used averaged out margins. I suppose that’s one way of managing risks of my growth stocks.
Media Updates, page-291
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