Surfstitch Group Ltd Guidance Reaffirmed
Guidance reaffirmed: Surfstitch Group Ltd (ASX: SRF) has recently advised about the release of 18,656,285 fully paid ordinary shares from the voluntary escrow on February 29, 2016. SRF towards to the end of last year updated about the completion of its previously announced acquisition of SHI Holdings Pty Ltd and, in accordance with the terms of the acquisition agreement, the group acquired 100% of the share for an enterprise value of $ 23.7 million paid in cash. The company reaffirmed FY 2016 EBITDA guidance, including the contribution of SHI, of $ 18 million – $ 22 million on a full-year pro-forma basis. We believe that the company has a good potential for profitability and accordingly rate the stock as a “BUY” at the current price of $1.64
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