Page 9
HY16
Other Revenues $58.8m......I don't think this is correct
Take out a million bucks for the IPO, we have $6m HY EBIT, so say $5m NPAT (generous)
Add cash of $40m
I think this could be on a Market Cap of maybe $30m - $40m
They are in La La land if they think Capilano, Blackmores and A2 are comparables
Their PE of 8.2x is so far out of whack for comparables, whis are 2 to 4 x
I would not trust a single sentence in that investor presentation or their numbers
I would consider buying below 14 cents, which is where this think will eventually drift to
Page 9 HY16 Other Revenues $58.8m......I don't think this is...
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