p/e=8 only, page-6

If you assume 5% nation-wide from the taxi services revenue, you end up with 45m loss of revenues.

Take this away from the 60m profit before tax and you get 15m.

Remove tax: 10.5m

Add in profits from CDG and CityFleet (~21m) = 31.5m


Worst case P/E = 465m / 31.5m
= 14.8 * earnings
(This doesn't include loss of Regions 1 and 3 from Buses and Coaches segment)

While there is a consideration of 1-2m NPAT because of those region losses, you're still in the area of 15 times earnings.

And this assumes that:
- CAB maitain their 2.5% payment to taxi networks and operators
- They maintain the same level of business (there's a good argument for an increase business as the volume required to reach 'break-even' is much higher)
- All states implement the 5% surcharge cap

They're only back of the envelope type calcs, but food for thought nevertheless...