valuations, page-13

Aplogies. More time to post than earlier. CUS 1/2 year is likely to be mildly cashflow +ve, but given that they had delays with SPS and Telco, could have been a hell of alot better. Don't forget that this story is about leverage to ATM transactions and thats what we should focus on. Write downs of $16-17 mill against Fintronics plus other sundry one offs will generate a large negative NPAT. But its the EBITDA line that we need to study. I am going to go out on a limb and say that they will be mildly C/F positive. We will see...