Ann: Quarterly Investor Update, page-9

Seems to still be some trust issues after SMS. Apart from this they have executed exceptionally well and have never overstated any forecast. Another listing coming up with Norcliffe at over 4 times EBITDA which again justifies a higher price for MSV imo. I would have thought most concerns covered by commentary regarding less cashflow coming through until later in the year with demobilisation / setting up etc and they have stated steady increase in EBITDA and cashflow for the rest of the year. It is messy though and I think current buyers can take advantage of this as I believe 6 months time should be much higher with cleaner quarterlies. At 4X this years expected should be priced in the mid 60's (taking into account debt for EV). They have stated run rate coming out of this financial year should be 50-60 EBITDA - not too hard to come up with a price around 90 cents. Remembering DDH over 5X EBITDA - but deserve that premium at the moment.