Herewith table Paragon| Low 2015| High 2015 | $| $ Ebitda|...

Herewith table

	Column 1	Column 2	Column 3
0	Paragon	Low 2015	High 2015
1		$	$
2	Ebitda	3500000	4000000
3	Interest
4	1st half	-300000	-300000
5	2nd half	-360000	-360000
6	Depreciation amortisation
7	1st half	-200000	-200000
8	2nd half	-230000	-230000
9	NPBT	2410000	2910000
10	Taxation	-723000	-873000
11	NPAT	1687000	2037000
12	Number of shares in issue	67558422	67558422
13	EPS	2.497098	3.015168

I make a lot more adjustments but this is the rough one - I tend to believe they are closer to the high then the low figures they have quoted.

These are the central adjustments.

They had to pay an extra $800 k to conclude the LR acquisition on 1 Jan 2015. The Scanmedics deal only occurred around September 2014 so not a full half year so first half not totally reflective of interest on business. Not big in itself but the 4c to March took the interest paid up to $180k - paid. One could decide that that was too high but I like to be conservative so bumped the interest to $180K per quarter.

I applied the same Depreciation amortization as the first half.

The tax rate applied is always 30% in my models as its just a vanilla trading company with little R& D. The losses are wiped out now as far as I can see.

My detailed model does change the lower one it bumps its up to around 2.8c and the upper one I think they will beat their $4 million it has a high of $4,2 million on EBITDA.
My original model had interest a bit lower but I changed that this month after the 4c.

So my call is still around 3c.