Ann: Business Update, page-98

Quick little calculation of PE ratio based on FY17 profit guidance:

Low range
NPAT $15.7m
Shares on issue 96m
EPS $0.16
SP $4.50
PE Ratio 27.68

High range
NPAT $25.2m
Shares on issue 96m
EPS $0.26
SP $4.40
PE Ratio 17.24

Given management performance this year, I'd say the low range is actually the high range. You do the maths on this and SP has a long way to go before it hits a reasonable PE ratio.

Lets say a reasonable PE ratio is around 15-20? Based on the low range calcs, the SP would need to be between $2.50 to $3.50 to acheive this.

I am not considering buying until the short sellers have got it to this range. Calculations reliant on the total shares on issue disclosed in the FY16 annual report.

ALL IMO. DYOR.