I also like the result ... I’m just not quite as optimistic as $100NPAT tho! I think more like $60-70M on the guided $1.1B of work (revenue up about 50%, NPAT up about 50%). As profits increase, they’ll run out of accrued losses at some time and will start paying tax meaning NPAT won’t rise as fast as EBITDA.
However, at $60-70M, forward PE must be only about 10. Looks cheap to me (based on yesterdays prices).
I also like the result ... I’m just not quite as optimistic as...
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