My current expectations for FY23 final figures (A$m)...

My current expectations for FY23 final figures (A$m) are:

	Operating EBITDA	19.0
1	Normalised NPBT	10.1
2	Statutory Profit/Loss	(0.5)

I will review them after the next 4C, and obviously they will shift with any further acquisitions or own goals. At current EV of ~$134m I see an EV/OpEBITDA multiple of 7, so we are discussing the same ballpark valuation @tamz.

Where we differ is that I think EV/NPBT is the most applicable metric because leases, interest expenses, and D&A are all realities for an acquirer. That multiple is currently ~13-14x and I'm not forecasting that number to have grown organically since last year thanks to increases in interest expenses and D&A. NPAT is even worse, being dragged on by SBC, the ALC acquisition, Daltry and I've made small provisions for financing costs and losses on investments.