Estimating net debt and also subtracting the excess of payables over receivables off the EV (ie. subtracting $25m), at 4x EBITDA - it's worth 30c.
That Hastings contract was a $27m contract (signed in May 2015) - so they've managed to make a 25% blowout in a year. If that is reflective of their project management in general, it's not even worth 30c.
And they won't be getting any Manus Island work anymore (only 7% of 1H 16 revenue at $11m but probably at higher than avg margins)
FD maintains SELL
Ann: Group Update-DCG.AX, page-8
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| Open | High | Low | Value | Volume |
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