Ann: Market Update, page-205

well, i read that wrong! Thanks for the correction, makes a lot more sense at current price. Then EBITDA would be around 5m based on 35m in sales leading to 17.5m in gross profit and operating costs being 12.5m.

Suddenly current valuations make more sense. Operating costs should creep towards 15m in the future and I imagine gross profits remaining around 50% of sales so I guess they will need to achieve 70m in revenue leading to an EBIT of 20m every year for the company to be sustainable around the 200m market value... hmmm suddenly I'm feeling less optimistic. There are definitely positive tailwinds globally with Governments trying to spend money though.