Why Vocus will not bounce, page-9

Still undervalued at these levels but I understand the fall today - BUT:

Underlying EBITDA:
• FY15 - $51m
• FY16 - $215m (after which we saw shares trade $7-$8)
• FY17 - $430-450m (forecast)

NPAT is touted to remain steady, due to a $100m depreciation write down of Nextgen assets. Fair enough - once off.

They've scared investors today by warning of profit in FY17 being skewed towards the second half due to:


Most of which are additional investment in certain areas, one-off impairments and delays. This is an attractive stock at these levels with a higher div yield ratio. Buy for me.