No worries. FY18: $180m Revenue (as they just announced) $23m...

No worries. FY18: $180m Revenue (as they just announced) $23m EBITDA (c. 30% incremental margins on the incremental Revenue ahead of previous guidance) FY19: $215m Revenue (Petra $211m prior to recent positive announcement) $32m EBITDA (Petra $30.3m prior to recent positive announcement) Net debt of $26m at end of FY19 noting their capex guidance recently issued. Worth mentioning that Petra has only recently initiated on BOL and presumably has a better idea of internal company expectations than us/the market with regards to FY19 earnings. These are the (rare) times it’s worth paying attention to broker earnings numbers. With regards to significantly improved profitability being impossible I think it’s worth looking at the numbers and pointing out that they earned around $80k EBITDA per crane in 2011 (and significantly higher in 2004, 2005, 2006 and 2007) and then only generated around $20k in FY17. There is significant runway for improved profitability, particularly given the current ingredients for the cycle are as positive as they have been. The pipeline of infrastructure and wind farm work seems to get stronger by the day and this is occurring while capex spend by Resource companies is only just coming off trough levels. Given share price has moved from 22 cents, it is now still only on 4.5x EBITDA. Presumably they will issue guidance at August which will likely give greater validity to Petra's forecasts (which are not widely available). You do not want to be selling before then I would have thought.