You will be surprised how quickly the multiple will expand once...

You will be surprised how quickly the multiple will expand once the company achieves its FY18 guidance and completes the aforementioned future acquisitions. You only need to go back and check other roll up stories and how quickly they were re rated: NVL EGH GEM PHG TNK VRS. Obviously many of those eventually blew up. In terms of the analyst multiple in the report, he is actually about right. He is obviously only taking into account the current guidance and if you exclude earnings from minority interests, depreciation and tax, you get EPS of circa 9 cents. Cheers.