Using mid range guidance these are my...

Using mid range guidance these are my calculations:

	Revenue	EBITDA	NPAT	EV/EBITDA	DEBT/EBITDA	Share price (PE 12)
1	$222M	$74.5M	$31.8M	5.91	0.85	$1.27

This is a very strong position and probably conservative considering ACF normally achieve/exceed upper guidance. That level of DEBT/EBITDA provides the opportunity for another decent acquisition.

They have a further $15M of debt headroom. They could access this and still remain within their DEBT/EBITDA target. Add $6M cash at bank and we are looking at consideration of up to $21m. At a 3.8x multiple that is a company with $5.5M EBITDA and around $14M annual revenue.

Only 2 days until results are released.