screaming cheap!! FY2019 Cash eps 4.7 cents, page-3

it seems earnings have bottomed and should start growing again in 2021. this year, 2020, we should expect flat ebitda and a slightly higher cash eps than the 4.7 cents in 2019.

therefore a multiple of 6x EV/ebitda is around 60 cents. that is very conservative. once growth is proven to the market a multiple of 8-10x is more appropriate. that could translate to 80 cents to $1.

I also believe 2020 will see balance sheet net debt at around 1x ebitda. surely the board by then will consider resuming dividends!