Ann: Update Market Guidance, page-2

This is an interesting stock. Revenue has risen every year since 2009 where it was $455m. The estimated revenue for 13/14 is $640m to $650m with estimated ebitda of around $35m. I think this is going to be re-rated in the not too distant future, especially given the revenue projections from the three acquired businesses. I note the numerous broker projections at over $1. I will await the results in late August, but I have a sneaking suspicion, this is on its way to a market cap just under $500m, which is almost double where it currently sits...ie 10 times reasonably projected ebitda, given its history of revenue growth.