$47m in Franking Credits, page-3

Trader,

That analysis pretty well matches mine, I have allowed for slightly more positive numbers to account for the recent Jets purchase. As far as I can ascertain Jets revenue is about $12m with high margins.

I like the fact they are purchasing young growing companies with potential, not burnt out duds. You could reasonably add 10% a year for future acquisitions which could be purchased with cash flow keeping them debt free.