earlier i posted: 'I have EPD rev fy19 at 186m @ 9% margin =...

earlier i posted: 'I have EPD rev fy19 at 186m @ 9% margin = 16.7m ebitda. With SP at 46c EV/ebitda ratio is 87/16.7 = 5.2x.'

Underlying ebitda for 1h18 was 8.5%. EPD have stated in latest presentation that "H2 EBITDA to be significantly stronger than first half" and "expect double digit earnings growth in FY19 and FY20".

Let's keep fy19 revenue at 186m but increase margin from 9% to 10%. (DWS have ebitda margin of 19% on similar IT work).

EPD rev fy19 at 186m @ 10% margin = 18.6m ebitda. With SP at 46c EV/ebitda ratio is 87/18.6 = 4.7x! Hard to find better value and that's without a share buyback sitting in background.

If you are short of time just read p. 16 of presentation dated 14th March.