Ann: Investor Presentation, page-2

If they can keep the sales growth going in the clinical trials business and I see no reason why they should not be able to then this stock looks fantastic to me. The caveat being that we need to get to the other side of the restructuring costs they will need to incur in the 1st half of this financial.  At 60 cents I reckon it is on @ 9.5 x to 10.5 x next year FY 19/20.  No debt, should be able to grow sales at about 15% pa for a good few more years yet ... that should add @ AUD 2 million (if they maintain 50% margins) to the EBITDA line a year, so my back of the envelope reckoning is 10.5 x FY19/20, 8.8 x FY 20/21 and 7.2x FY 21/22 .... this assumes no upside from the Congnigram, so just on the growth in the trials business alone.

I am very happy to nibble away at this one but accept it might be a long haul as no one seems even remotely interested in this stock and first half numbers for this FY are likely to be ugly on a headline basis.