Valuation

I notice quite a few people trying to value off EBITDA.

With depreciation & amortisation running at around 23% of EBITDA, I think it is wiser to to value based on EBIT.
That depreciation & amortisation will charge will need to be spent again in the future.

On a conservative basis, I think good value will arise on a multiple of 5 x last years EBIT.
At $81m 2017 ebit x 5 = $405
120 million shares on issue

Conservative value share price $3.37