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Ann: CGL Dec 2015 Half-Year Results Media Release, page-11

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gosouth

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06/06/16

20:20

Post #: 17966066
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Originally posted by peterdoobes ↑

It's all a bit of guess work, but for the moment I'm assuming the second half of this year is roughly in line with the first half. For FY17 with some modest growth plus the Kapish acquisition, they could potentially do around $14.5m NPAT.
However the kicker for me is the $3.1m pa discount unwind expense that is being treated as a finance charge. It is a non cash, non tax deductible charge that will run until they the final deferred consideration payout in relation to the PJA acqusition. This discount unwind expense is an accounting treatment only.
There is also around $3.2m of amortisation relating to the acquisition of the PJA assets. Some of this should probably be added back but I really need to see the next Annual Report to know just how much.

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Thanks for that.
Market is bidding them up nicely.
P/e roughly 15 in 2017 based on your estimate so yes not looking overly expensive yet.
Thanks
Gosouth

CGL Price at posting: $4.85 Sentiment: None Disclosure: Held
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0 Great analysis

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