FY18 results met market expectations but PTSG’s share price performance over the last six months has been weak, in contrast with rising earnings estimates over this period. Acquisitions have been a good fit in our view and with a prospective net debt:EBITDA below 1x we still consider the company’s financial position to be set conservatively. A PEG of c 0.7x and FY19 P/E of 7.2x provide a gauge of the weakness of sentiment for PTSG, which we expect to deliver a double-digit three-year earnings CAGR.