Ann: TFS to Issue US$250 million of New Senior Secured Notes-TFC.AX, page-15

I used data from the June 2016 Cannacord report which I now believe is incorrect. They say that the Price / Free-Cash-Flow per Share in FY17 will be only 5.1 when the share price was $1.37. However, my check of this, using their free cash flow of $49M and total shares of 388M, gives free-cash-flow per share of 12.6cents. At a share price of $1.62, this equates to a Price / Free-Cash-Flow per Share of 12.9. This is still a very healthy free cash flow, and indicates to me that we should no longer think of TFS as having any cash generation problem.