Ann: FY 2017 Results Presentation, page-79

Are you able to determine exactly what the overstated amount was on a per quarter basis?

Lets assume majority was overstated Q4 2017 and reduce EBITDA to $20M. Based just on that we are looking at an extremely conservative $80m EBITDA for 2018 that does not account for any potential significant increase in revenues.

You are attempting to value a company based purely on past performance without taking into account future performance metrics.

Good luck with that.