PGR Full Year Results & Next Steps, page-3

Hi pCap, agree.

Looking at guidance provided for 2017/18 by peers:
NBL - EBITDA $37M - MARKET CAP = $324M = 8.75 times
SPH (post sales of other brands) - EBITDA $19.5M - Market Cap = $185m = 9.5 times

PGR - EBITDA -$11.5M ( Mid point before one offs ) Market Cap = $45m = 3.9 times

Move PGR forward 2018-19 with the new business wins plus underlying 2017/18

As per your numbers
EBITDA - $16.5M ( mid point) - Market Cap = $45m - 2.7 times

Note; PGR has a greater % of sales as wholesale business so EBITDA margins are not as strong as NBL 10% - SPH -14% - also SPH has a significant on line sales presence 37% of total sales driving profitability.

So what value PGR? - if we take 5 times 2018/19 EBITDA = $80m or 60c.- 6 times $100m or 72c

Will be watching closely the full year numbers & outlook statement when released shortly for confirmations.