well I think most people know how "independent" and "expert" these reports are but what are these guys smoking.......
The first report they chose a low earning multiple to try to get the valuation range down around the bid - reason for the low multiple was that RHD(or the expert) was not expecting a large profit uplift coming out of the GFC.
Now that RHD has put out a bumper first quarter trading update they have produced another "expert" report - this time they have chosen not to use the current EBITDA run rate(well I suppose the valuation would just come out too high and that would make them look silly) so they have reduced it a bit because the trading update is unaudited and short term.
This is starting to get painful - please Hungry Jack, save us from this stupidity.
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Ann: Supplementary Independent Experts Report , page-2
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