Ann: Change in substantial holding, page-16

I know it is very subjective, but what would you consider cheap?

Currently on 6-8x trailing EBITDA (based on what is currently known - ie KME will exceed FY13 EBITDA of $1.2m so say FY14 EBITDA of $1.2 to $1.5m)

with an EV of under $10m = trailing 6 to 8x

For a growing, global franchise with over 600 centres, growing international presence complemented by a industry leading online offering, it offers strong upside. One of the largest tutoring businesses globally that benefits from a high level of recurring income. Could easily command 10x EBITDA (forecast) IMO

Obviously this all assumes that there is no downgrade coming!