Ann: Appendix 4E, page-44

Good things often take time.

We are in the process of the first re-rate where the market realizes this is actually a functioning business and is not priced for eventual failure.

The next rerating can occur if there is room for sustained growth 30%pa, the stock should eventually re-rate to a multiple of 30 or thereabouts, and if FCF (which will approximate EBITDA for this business) in the next FY is 1-1.5m you get a market cap in he order of 30m. That sort of re-rating typically takes a bit of time (2+yrs) of hitting targets consistently. For structural reasons regarding the industry I suspect this to be the case but time will tell.

More importantly however, is what happens with the FCF that is being generated. There is a very solid opportunity to reinvest that money carefully to make this a much larger business. We haven't yet seen whether the operational turnaround can be married with competent capital allocation decisions, but I see no reason why not at this stage.

Anyway, it will be interesting to see how this plays out.