Earnings growth of 20% in FY15 highlights the momentum within Macfarlane driven by 6% organic revenue growth within its core business whilst leveraging acquisitions to enhance the bottom line. Whilst the shares have outperformed in recent months, Macfarlane still trades on an FY16 rating of just 11.2x. This valuation does not reflect the quality of earnings associated with GDP+ organic growth trends, improving returns and the opportunity to be lead consolidator in this highly fragmented marke ....