1. If you ignore all the write offs, 50 mil underlying EBIT
2. 240 mil shares in issue.
3. At 40c, market cap would be 100 mil.
4. Add 200 mil of debt.
5. Enterprise value ( debt plus equity ) of $300m.
6. Enterprise value/EBIT of 6x at 40c. 6x seems about right, possibly even generous for a business making 2.5% margins.
7. 30-40c likely opening price, IMO.
ann out, page-15
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