I have been following SEQ a little while but have not yet...

I have been following SEQ a little while but have not yet bought.
Can't say I was enamoured by the Intrprac deal which near on doubled the shares on issue for the acquisition of a company that in the last year made barely $375k NPAT.
Ah yes synergies all good, but the price seems high.
If the name of the game is to lift EPS to increase share price and therefore the wealth of shareholders, then this seems a roundabout way of doing it....?
I am a little afraid that this is a company that increases all of the headline multiples without seeing an increase in EPS.
For me the high equity component of the Interprac deal takes the gloss off the strong organic growth in the short term.
Am I jumping at shadows?

Gosouth