Yes HSN was trading around $3.20 in Mar17 following the 1H17...

Yes HSN was trading around $3.20 in Mar17 following the 1H17 results and a general small-cap re-rating.

So in Mar17, based on full-year EPS of 17c (8.5c in 1H17 x 2) the P/E ratio was around 18.8.

I expect the 2H17 results to show:
* revenue at the top of guidance (or slightly more) - with a full-half contribution from Hi Affinity and a slightly lower FX negative impact than the $4.4m in 1H17
* EPS to be better than the 8.5c in 1H17 - perhaps 9.5c - assuming acquistion costs for both Solutions and Hi Affinity were fully expensed in 1H17

It seems there has also been a recent small-cap re-rating. Let's say the HSN P/E ratio sentiment has improved from 18.8 to 21.

This would give a current derived share price around $3.78 or (8.5c+9.5c)*21 ... where it sits today!