Ann: Chairman and CEO Address to Shareholders 2016-SFH.AX, page-7

Hopefully they are working hard to mitigate repeat second half performance. It remains incredible that only $35m ebitda is being generated from over $820m in sales. Significant inherent value is there to be realised; shareholder funds naturally aren't made perennially available to support a structure that exists solely to fund rents to landlords, cashflows to staff, utilities and foreign rag suppliers. Market cap at around 3 times ebitda (adjusting for Rivers 2016 loss) remains compelling.