SOME QUICK HEM NUMBERS
| HEMISPHERE GPS CORE SEGMENT PROFORMA FORECAST | | | |
| | AG. CORE SEGMENT LTM | 1- TIME ITEMS | AG JUNCTION GROWTH | CLAAS DEAL | ORGANIC GROWTH | 2013E |
| SALES | 54,475,000 | | 3,500,000 | 10,000,000 | 4,000,000 | 71,975,000 |
| TOTAL COSTS | -57,946,696 | 588,870 | -1,820,000 | -5,200,000 | -2,080,000 | -66,457,826 |
| SAVINGS | 7,000,000 | | | | | 7,000,000 |
| PROFIT | 3,528,304 | 588,870 | 1,680,000 | 4,800,000 | 1,920,000 | 12,517,174 |
| EPS FD | 0.05 | | | | | 0.17 |
| | | | | | | |
| TARGET PRICE: | | | | | | |
| P/E of 15x | | | | | | 2.54 |
| P/E of 20x | | | | | | 3.38 |
I'm doing this real quick, so call this my rough guess as to what 2013 proforma could look like (in other words, what the businesses ongoing normalized operations would look like... the number investors will focus on). I would call this a conservative forecast given I'm only applying 48% GM for agjunction, claas, and organic growth (e.g. MAX, new products, Stara sales increase etc).
Would be interested in hearing the opinions/views of others. Obviously there is lots of execution risk but if the company can deliver I still see a lot of upside to the share price.