Ann: Investor Briefing, page-2

Is that double digit on underlying or reported EBITDA?

Double digit growth on underlying EBITDA would be fantastic: North of 16.7M EBITDA (9M for 2H, a growth of 16% on 1H). Even if depreciation increases from 1.7M to 2M that would give PBT of $15M+ and NPAT of $10M+ or a growth over 30% y.o.y. and leave us on a P/E of <7 and a dividend of 3.7c or more (giving an annual yield of over 12% at current price)

However, if they are using the reported 2018 EBITDA (which was only 13M) that would give a minimum of $14M for this year meaning 2H is only 6.6M, down 15% on 1H and NPAT for 2019 of ~8.6M so about 4M for 2H and a dividend of around 1.5c

Fingers crossed for the former!