I am still struggling with the valuation of TOX. FY17F EBITDA =...

I am still struggling with the valuation of TOX. FY17F EBITDA = ~$85m (as per conf call), after deducting Interest and Tax implies Operating CF of ~$65m. As per conf call, management now saying Maintenance Cap Ex is running at $35-37m, gives Free Cash Flow of ~$30m. At current Mkt Cap of $445m gives FCF yield of 6.6%. Whilst I like the Daniel's acquisition, given TOX's contract dependence and ongoing weakness in its resource focused operations, I reckon the FCF yield needs to be +10% to justify the risk.