Short Term Trading Week Starting: 23 Feb, page-26

PSZ Half Yearly results exceed expectations.

Current Price 88 cents
Total Shares:  55.6 mill.

• Revenue: $39.5m –25% increase on the normalised FY14 results
• EBIT before acquisition costs: $3.81 – 57% increase on FY14 results
• EPS of 3.82c for 1st Half – 20% increase on FY14 results
• Full year EPS suggests >8+ cents
• Strong cash position of - $4.1m with no net debt
• Fully franked interim dividend declared of 3cents
• Market Cap $49 mill. @ 88 cents, 55.6 mill. shares on issue.
• Company commentary states a strong 2nd half expected and to exceed 1st Half.

Bell Potter valuation $1.20



Disclosure: Held and Buy