Nobody will value RSS within LNK at anything near a virtual...

Nobody will value RSS within LNK at anything near a virtual monopoly IT company. There is a lot of risk to the outlook, and Hesta has shown that at least one big client is willing to wear the costs and disruption of moving across. We don't know if they will lose half of their business or what amount over time. Operating EBITDA can have a lot of DA in it due to AASB16. So about 140m EBIT annualised for the whole business with a shrinking franchise and $600m net debt. Currently at about 10x EBIT/EV, or $81m unpat, which is about a PE of 10x.

Somebody might want to buy it, while it is at lows - no doubt. Difficult to know how an insider would see things ATM. Difficult to know if it is a value trap or not as well.