Sealegs has demonstrated that its refocus on fitting its technology to original equipment manufacturer (OEM) hulls is working. The company reported a significant turnaround in operating performance in FY16, with normalised NPAT of NZ$589,000, its first profit in three years and well ahead of our forecast for NPAT of NZ$115,312. On a 12-month forward P/E of 157x, Sealegs is trading at a 16% discount to its peers.
