Ann: Appendix 4E and Annual Report, page-14

@MarsC,

ARB at $13/share would equate to around 10x EV/EBITDA.

For that level of valuation to transpire will, I expect, require some dramatic extraneous event (such as a few lunatics flying aeroplanes into skyscrapers, or a major financial crisis). In which case there will many other things worth buying, too.

But outside of such an event, I think that ARB at 12x EV/EBITDA would present very good value (that equates to a share price below $16).

As it happens, the current share price reflects an EV/EBITDA multiple of 14.5x which I think represents reasonable value (albeit not undeniably cheap)... the first time in some time that this has been the case.

In light of the adage that says, "Buy excellent businesses at reasonable prices", if I was not an ARB shareholder, I would certainly be initiating a position at current prices.