The AGM presentation to the ASX today was most disappointing. No...

The AGM presentation to the ASX today was most disappointing.
No outlook, nor a trading update - signalling that business is very mixed (and/or unpredictable) at best.
Revenue for FY15 was $32.0m, FY16 $34.0m FY17 $33.0m - so I am calling 3 flat years
with FY18 - I have no knowledge but am calling at $31.0m-$34.0m - really a 4th flat year possible?
On costs - Wages, Admin and Rent are the key ones (note Rent is lower of CPI or 4-5% - so assume CPI only, with Wages and Admin 2.5-3.0%?).
One big plus (AR note 4.1 and 4.2) saying deferred consideration has stopped bleeding P+L (previous management).
My valuation is $0.55-$0.70 - especially given debt of $9.2m (only offset by $2.1m of cash).
However, some good opportunity if takeover is by synergistic buyer - I could see $0.80-$0.95 maybe $1 at the end - would be $1.7m trailing PAT to EV of ($25.95+7.1)=$33.05m = 19.44x PAT/EV - I hope my maths is right.
Next stop $0.55-$0.70 without new information. (12x-15x?)
An upgrade in forecast to Rev $36m-$38m with costs very well controlled could see $1.00-$1.10?