market depth, page-15

re: for cash23 Heaps of losses means next to no tax. Debt fully paid by end of January, so very little in the way of interest. Depreciation is really the only factor that will play on the net profit figure, and its really only an accounting figure.

So I think most of the EBITDA will flow onto net profit figures. In terms of long term valuations, probably safer to assume that 30% of the results will go to tax though.

Still very high growth, means that TOX should be awarded healthy PE multiples for a while yet.