We initiated coverage of ProPhotonix (PPIX) earlier this week highlighting that the company has become profitable over the last two years through a tight control of costs. Our investment case is built upon the premise that the company can now deliver a geared increase in profits in the coming years through the introduction of new products incorporating more PPIX IP. We view today’s AGM statement as showing the company is on track to do this. Our 10p target price is based on an FY2017E P
