In light of the latest Half-Yearly, Forecast FY17 ROE is sitting...

In light of the latest Half-Yearly, Forecast FY17 ROE is sitting around 11% and I'd say these guys will probably do 15% YoY EPS growth which, whilst not amazing, still indicates compelling value at these levels.

I've got as follows:

1H17 EPS: 4.2 c
2H17 EPS: 4.53 c
FY17 EPS: 8.73 c

Assuming no dilution, I would say they're trading on about 10.5 x at these levels. I think the lack of organic growth is hampering the SP, but I still believe this is worth about $1.20 nonetheless.

Management have indicated they've got an eye for acquisitions, and with that $13M cash pile there is scope for more acquisitions. Debt/Equity is also sitting comfortably under 15%, so I'd believe there's potential for activity which is - to borrow from consultancy parlance - "Earnings Accretive".