Let's say EBITDA is around $7.5-8m on sales of $75-80m for the...

Let's say EBITDA is around $7.5-8m on sales of $75-80m for the full year. That would put the EBITDA margin at about 10%. There's a broker report by PAC Partners (available on ASX) that does a global peer comparison (admittedly Dec 15 numbers). Interestingly the average EBITDA margin is about 10%. Over the last 3 years PTL has been running at 13%+. It may be that these high margins will be available again to PTL going forward, but seeing the comparison makes me nervous about forecasting such a return. The competitive pressures seen in H1 18 could be here to stay.

So, if we say that the $7.5-8m EBITDA is the maintainable level, then EV/EBITDA at the current price is around 7. In the same report the global peer average is 8. Based on this, downside should be limited, but it doesn't seem compelling unless the high margins are returning.

Mind you, I can't vouch for the quality of the broker research - does anyone have more meaningful & current analysis?