Ann: RXP Acquires Integrated Value and Nobel Cons, page-11

re: Ann: RXP Acquires Integrated Value and No... Canaccord just initiated coverage today with a $0.96 price target...

"We initiate coverage with a SPECULATIVE BUY recommendation; TP of A$0.96/share
We value RXP using a 9x FY15/FY16 EV/EBIT multiple. Bootstrapping acquisitions to drive EPS upgrades as the company uses its share price as currency to acquire private companies. Integration and execution issues represent a risk, however we believe this is mitigated by a highly experienced management team (Ross Fielding – Former ED at Telstra for Products and Services) and board of directors (Chairman Lloyd Roberts - founder and former CEO of SMS Consulting)"