Ann: Acquisition of New Zealand aircraft maintenance business-SKB.AX, page-3

Completely agree bubby. I don't hold SKB but have been looking into it in some depth recently after they entered the NZ market.

However, I found an independent valuation on SC today giving it a 45.0 cent valuation.
I have been through the DCF model in depth - revenues growing to 101.4 million by FY20 and EBITDA growing to 23.7 million

Any thoughts with regards to why revenues might grow faster than this ? Or margins expand more considerably ?

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10
0	Financial Year	Unit	FY13A	FY14A	FY15A	FY16A	FY17F	FY18F	FY19F	FY20F
1	+ Operating revenues generated	AUDm	16.2	18.4	26.9	59.6	82.4	91.4	96.1	101.4
2	- Operating expenses incurred	AUDm	13.9	14.0	21.0	46.3	63.7	70.5	73.9	77.7
3	+ Operating EBITDA generated	AUDm	2.3	4.4	6.0	13.3	18.7	20.9	22.2	23.7