Estimating net debt and also subtracting the excess of payables...

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