There are currently 87.8m shares. So current market cap is approx $22m. Once completion occurs there will be approx 390m shares on issue. So at $20m with 10 times PE that will give a potential share price of 50c. That's for 2018 numbers. 2016 is approx $10m but less shares. So 10 times multiple will be $100m with 275m shares is roughly 36c.
I hope that helps.
Ann: FCG Group Profit Expected To Exceed AU$20M, page-6
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