TA price target 1.06 A2M, page-67

Current P/E or otherwise known as LTM PE is a ratio based upon the last 12 months of net income. Considering we are in June nearly, it would be the easiest option to use estimated fy16 numbers for this. If you want to work like an investment bank does then go and use 11 months of this FYs figures and one months of FY15s but that makes it a bit more complicated as you have to estimate monthly figures. Anyway, assuming EBITDA of 47 mil and net income 30 mil-35 mil this means pe is between 35-30 at current prices and 710 mil shares. Forward PE which is much more appropriate (but not as useful as a DCF) uses estimate for NTM (next twelve months) is currently 15-25 depending on the numbers you use. My DCF model gives a fair value of 1.75 AUD.

As a side, first 5 people who write their email in reply can see this DCF model.