Actually, it's a little cheaper than 11*FY15. Forecast has since...

Actually, it's a little cheaper than 11*FY15. Forecast has since been revised to 30-33m EBITA, given the additional acquisitions and the weaker domestic market (Christchurch in particular).

Add to that the fact that cash flows are actually greater than the NPATA figure (the 'A' part is 'tax-effected' in their calculations - which is not reflective of real cash flows) and it's a little more appealing.