You're right Ivan, earnings for FY11 won't give a true picture of what CVA contributes, the real proof in the pudding will be in FY12 numbers. The company has increased the amount of capital by more than half so I'd want to see a more than 50% improvement in NPAT for FY12 from where they would have been in the absence of the acquisition. eg, if NPAT in the absence of CVA would have been $2.8m in FY12, I'd want to see NPAT in excess of $4.2m with CVA. That would show that they haven't diluted returns just for the sake of chasing growth.
something is happening, page-12
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$1.98 |
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| BGL (ASX) Chart |