Ann: Quarterly Activities Report, page-26

A P/E multiple of 7-10x is more realistic for a company of MLX’s profile. But even so we are then talking about a market cap of A$700mn at the minimum. So I’d expect another doubling from here provided no unforeseen problems present themselves over the next 12 months. My only question mark is what the largest shareholders have in mind? Taking private? Takeover? Are we going for capital returns via dividends and/or share buybacks? With relatively small volume small caps you needs management/large shareholders to be activist to unlock value.