The 2015 results showed that management has delivered on its strategy to return ProPhotonix (PPIX) to sustained profitability (now at the net income line). While this has largely been achieved through tight control of costs, the next phase of profit growth will be achieved through growing sales with an increasing amount of PPIX IP. We expect LEDs used for UV curing to be the first product set to demonstrate this. We initiate coverage with a 10p target price (based on an assumed 10x P/E for F2 ....