Ann: Business Update 2022 AGM, page-2

$4.3m EBITDA forecast for first half, with $3m one-off hit included in that figure
During the AGM, Garry mentioned a $15m EBITDA forecast for the year (excl one-offs)

That implies $7.6m EBITDA first half, $7.4m EBITDA second half.

MC ~$64m, > $10m net cash
$54m EV for $15m EBITDA, growing at ~20% p.a.
( Sub 4x EV/EBITDA )

Also mentioned they 'fully expect' to recover the $3m hit through insurance.



I guess the unknown is around further advice problems (although this dates back to 2019, and they've not mentioned any more issues)