Slight EBITDA beat - $12.8m ($11.5m - $12.5m)

EPS $0.067

PE 6.2x

Div $0.048 (inc. $0.015 special).

Yield 11.4%

NTA. $0.50

No growth for next 2 years as company transitions/diversifies.

Possibly a value trap, but it pays to wait.

Morgans

Hold

Target $0.48

NTA $0.43

Downgrade!

Now on; 

1. PE of ~6x
2. EV/EBITDA of ~3x
3. Div of ~8%

Not sure how these guys escape from Value trap status from here.  A dilemma.

https://www.taylorcollison.com.au/wp-content/uploads/2018/12/Initiating-Report-NTD-Initiating-Report.pdf

14/11/18

FY19 Guidance Update

"The Company’s FY19 EBITDA1 is expected to be between $16 million and $17 million"

= EPS $0.10 (6x p/e @ $0.60)

A savage reaction, market is concerned October performance will continue....

M&A progressing slowly due to adverse market conditions..

FY19 Forecast EPS = $0.12  (8.3x P/E @ $1)

FY19 Forecast Dividend = $0.059 (5.9%)

Acquisition key to growth (slowly slowy...)