"M might correct me here, but 8,7,6 and 5x EV/EBITDA for FY17...

"M might correct me here, but 8,7,6 and 5x EV/EBITDA for FY17 using $126m EBITDA and 227.4m net debt makes for an SP of about $4.40, 3.70, 3.00, and 2.30 roughly. My own numbers would be lower, as my adj EBITDA calc would be knocking off another $10m to spread out the writedown, and I expect the impact of those marketing issues will continue going forward."

@CaptainBarnacles,

Those theoretical share prices at those respective EV/EBITDA multiples are roughly correct ... maybe circa 10c higher in each case, according to my arithmetic, but the difference is probably explained by the adjustments you have made to your EBITDA calculation which, under the circumstances, appears to me to be perfectly reasonable.

One of the little niggles I have had with RGC which - besides valuation - has prevented me from becoming a shareholder in the past, is the nature and extent of the adjustments that have routinely been made to reported earnings in order to arrive at underlying earnings.

A number of those adjustment items are things that I didn't think are truly one-off items, but are part of the normal course of conducting business.