What about using your FCF figure of $90m-$130m (assume $100m round figure) and applying a Price/FCF multiple? Morningstar Quantatative (on Comsec) show teleco sector average multiple of 21 for FCF. That would give company valuation of approx $2.1b (using $100m FCF). Market Cap is $1.56b as of 12 May 2017 for share price of $2.5. So implied share value using FCF of $100m and FCF multiple of 21 would be $3.37 (from $2.1b x $2.5/$1.56b).
VOC Price at posting:
$2.51 Sentiment: Buy Disclosure: Held
