Ann: Investor Presentation, page-16

Nope.

EV/EBIT Valuation Using the FY19 average from TBH’s wagering operator peers of 12.1x, and combining it with the ASX Small Ords FY19 EV/EBIT of 13.2x, we arrive at a 12.7x multiple. This implies a share price value of $1.49 before considering any risk weighting. P/E Valuation We also average the PE multiple for the ASX Small Ords of 16.6x with peer wagering operators of 14.7x to produce a combined PE multiple of 15.7x. Applying this to our TBH FY19 EPS forecast of 8.1c implies a valuation of $1.28, again before accounting for risk. Placing a 60% weighting on our EV/EBIT valuation and 40% on our P/E valuation, our un-risked price target is $1.41.