Still not cheap, page-22

Backing out acquisition costs is because it's a one-off expense. Just like it is correct to back out the gain on bargain purchase as it is a one off. So if you are attempting to look through for comparable EBITDA it is only fair you remove both. Same goes for the payments to former owners, that's not going to happen anymore so needs to be reversed to see the comparable figure.

Free cash flow is operating less capital expenses, which for SGH mostly are to do with acquistions. What do you expect? They have been on the acquisition path. No surprises there. Haha you could be asking the same question of a lot of companies listed that are gobbling up others and growing. That's exactly why they raised capital as part of the recent bulk up.

They had 96.985m in bank at June 2015, so with -$40m 1st half, they will still have plenty in the kitty and no need for any more capital. They won't be looking for more acquisitions you would think till they have chewed this a bit more. Strong recovery in 2H cashflows will help too.