Ann: Appendix 4E and Annual Report for Year Ended 30 June 2021, page-12

That could be right. I haven't really gone into it on a SOTP basis.

My view is 2022 ebitda should be say $14m. So:

6x multiple = $84m market cap or 63c

8x = $112m or 84c

10x = $140m or $1.05

My view is a range of factors are pricing it at the very low end of where it could sit. Such as industry (royal commission and bad rap from that), scepticism over forecast, doubt over sustainability of recent growth - for instance Morrisons being inflated during covid and will normalize / fall, and market cap meaning not in the radar of many.

I think the stock is priced for not much to go right, however my view is more positive and profit will keep increasing. I've time share price will go up with profit. And if I'm extra lucky what I consider a "discount" will unwind at least to some degree.