PGR has gone through a transition to the wholesale business...

PGR has gone through a transition to the wholesale business where the timing was not great with market conditions. It is very apparent from the H2 results the wholesale business is now in full growth mode, I expect about 20% growth rate in FY16.

I think EBITDA for F16 to be in line with FY14 and the SP close to $1 based on an annual payout of 6-8c to shareholders. They may start a buy back if no substantial acquisitions are made in the next 6 months.