ASH Training Business, page-5

Well if the margins are already 10-15% off a low revenue base, 20% looks pretty achievable as revenue grows. If 15% growth is maintained you are looking at doubling the EBITDA from the training division next year.
I think a PE of 10 is at least justified (although given the track record of execution under RS and the growth over the last 2 years and the rest of the market, a higher PE would be justified. 

I would think a share price north of 40c would be justified on these results, but the market is a funny beast. The training division alone with an HY EBITDA of 0.46m, growing at 15%pa with margin expansion and current margins of 10+% should command a valuation of 20m!