TNK reported 14 eps for CY 17 , MFD guiding 14 cents eps for CY...

TNK reported 14 eps for CY 17 , MFD guiding 14 cents eps for CY 18 and TNK 18.68 for CY18. Current year PE 8.1 V 11.7 . Thesis for rolls up is to be in early. "Operating margins for CY2017 have exceeded Prospectus forecast, while our gearing position provides adequate capacity to debt fund future acquisitions ". I read that as additional funding will be afforded to Mayfield with 20% gearing whereas TNK gearing is at 47%. $250K on share purchase still to come from Michelle as announced. General and financial press will put favourable spotlight on the sector in June with July 1st rebate increases. Anticipate announcement of 2nd tranche of funding from Westpac given management's commentary and gearing levels. CY 18 yield on guidance is 9.1 cents/$1.15 = 8%. With franking credits in a tax fee super fund that's 13 cents/$1.15 = 11.3%. Good place to hide in a market pull back. Anticipate favourable response from small and micro cap fundie's when they roadshow after the release of the full year accounts. What PE do you put Mayfield with profit growing at 20% ? Given the market cap and liquidity and subject to strict EBITDA multiples for future acquisitions a fair range is 10 to 11 times resulting in a price target of $1.40 > $1.54. I think the 20% NPAT is a conservative target as logic tells it's unlikely they would have set a high hurdle given what they went through to just fall short of guidance this year. Feels like NVL at $1.20 and will be a good one if they can get to 30 centre's with only one cap raise.