Sales flat lining, export strategy struggling, PBT down on pcp, OCF negative AGAIN!!!, Net Debt increased to $13m from $10m at June year end. Given seasonal impact 2H NPAT likely to be ~$4m, giving FY17F NPAT of ~$9m vs Mkt Cap of $146m = PE of 16x. Seems expensive given its sales growth, cost growth and Cash Flow issues.