Ann: FY2018 Results Presentation, page-64

I'm not sure if this helps or hinders but I think shareholders should have a look and make an assessment for themselves;
- I've talked about the goodwill on acquisitions before - check out note 12 Intangibles in the annual report p44-45. Radiology Tassie ("RT") for ex, CAJ paid~24.6m (not the full price but close enough) of which 18.5m is goodwill or ~75% of the purchase price.
- For 2018 the RT business made $362k npat on rev of 5.991m - if I extrapolate that for a full year it's about 870k npat on $14.3m Rev. If I use the cost of $24.6m /870k = 28x NPAT paid up front to the vendor with about another 1m due as deferred consideration if whatever hurdles are met
- since year end they bought another $22m of practices, I am pretty sure they have had to draw down on debt to do it as they only had 12m cash at y/e
- it's hard to get clarity on margins etc but the multiples paid seem excessive to me - happy to be shown what I'm missing
Anyway the jury is out for me until we get some clarity in 6 mths or so. Hope it helps. Cheers