to diedrie, page-6

Hi Diedrie,

I am interested in your EBITDA number of $27m for the HZCP....the recent company presentation (asx 3/5) provided guidance of an EBITDA of $21.6m with POZ at 1.75...and that excludes any corporate overheads lets say $5m ....so before tax ( I note current tax losses are available of about $7.5m so no tax will be paid in 06/07 and in part 07/08 ) puts NPAT at 16.6M without applying depreciation & ammortisation....so on a fully diluted SOI of 594m = eps 2.7c or a p/e at a SP of 18.5c = 7 times.....the normalised p/e becomes much greater once tax is payable and depreciation and ammortisation is also factored into the equation ..

(Note the above figures are for the HZCP jv only)...


The market requires further info on future revenue streams in order to place further value on INL's future potential....hopefully that will be provided very shortly and this should provide some sp upside..

cheers