Lowest Price in 15 Years, page-7

Trying to find a fair and lowball price for this one is probably the next step.

using FY16 figure will not be a good indicator due to one off costs and depreciation, so rather look at FY17 guidance in this case.

Using 250m shares and FY17 lower estimate guide...

$100m EBITA
Using similar figures to FY16 estimates re int, dep etc..
I come up with circa $20m NPAT after FF divvy of 8cps.
(not allowing for one off Dep re Marine and one off integration costs)

Fair value IMO is 10x full NPAT = $400m
On EBITA basis 4x is about right = $400m

$400m less 20% debt ($60m reduction for further comfort) = $340m

or $1.36cps or $1.44cps with divvy

So IMO oversold here and have bought today based on my back of envelope calcs.

Good luck all.