I just don’t think you can extrapolate from multiples paid for...

I just don’t think you can extrapolate from multiples paid for small businesses to multiples on the asx. Average multiples for private businesses are generally 5 to 7 and for asx listed stocks they are much higher.

I think at the moment expectations of acquisitions are built into the current price. Some interesting narrative with the 4E could help, otherwise I think people will wait on the next 4C in October to see how things are tracking