If we assume the ocf stays broadly similar (balanced by the reduction in receivables, and the increase in major projects) and the capex stays at 800k, dividends of 12c is about 1.3mil, and tax bill of 500k, at the end of this coming year the EV will drop from 19mil down to between 16 and 17 mil, which on an ebitda of 5mil will result in the EV/EBITDA dropping to about 3 within 12 months. Maybe I'm being too optimistic, but if capacity is becoming tight due to work and the AUD dropping (which should stave off the overseas competitors to a degree), we might be heading into a really sweet spot for KOV (wow didn't think I'd ever mutter those words!).
