Ann: CEO Appointment , page-12

16.9x PER refers to FY14 (I expect NPAT of $5.7m or EPS of 22.7cps).

By comparison both Ord Minnett and Fosters expect NPAT of $5.6m.

Interestingly, both brokers appear to be too conservative going into FY15 based on the company's statements of a growing pipeline in that year and that EAX is investing ahead of that growth: "We expect operating NPAT growth of 10-15% for FY14.We are resourcing for the large number of 2015 contract renewals to position for market share growth; investment in Activ8+, sales teams and supporting marketing initiatives."