I like the quote below from their report. Recommendation We...

I like the quote below from their report. 

Recommendation We initiate coverage with a buy recommendation and price target of $0.091 ps. The near term outlook is positive with a number of catalysts to drive growth in FY19. They include:  MKM have identified 25 immediate opportunities to upsell the combined offering.  Long term exclusive licenses, long term revenue growth, low capex requirements and forecast NPAT.  Synergies will be a good source of growth and margin expansion.  ALC is trading on a FY19E EV/Rev of 2x. We believe this is a steep discount to its embedded contract book and forward recurring earnings quality.