Originally Posted by
Lizard
Result on track for PHB at $4.1m NPAT for HY12 after booking $1.3m of one-off costs in association with acquisitions.
Think they are probably usually stronger second-half too (Christmas/summer sales), so shaping up for a strong year... debt has been reduced back to unconcerning levels following the Radius Pharmacy acquisition and they are managing some small organic growth, driven out of dispensary revenues.
Further growth in second half will come from the acquisition revenues (only acquired from this year), with synergy benefits likely to be obtainable over the next 12-18 months. I'd say $9-$10m NPAT for FY12, but could edge up to as much as $15m over the next 2 years. Offer price of 80cps (market cap $96m) is no longer a steal, but it probably still has some growth in it over the next year or two - and perhaps a dividend at some stage?