I have just had a look again. The Australian business achieved...

I have just had a look again.

The Australian business achieved $7.5m in EBITDA, annualised to $15m assuming there is zero growth in Australia for the second half (very unlikely). EBIT is $7.2m, annualised to $14.4m, again assuming no growth.

At current MC, backing out cash of $20m, the EV/EBITDA multiple is about 11.

That is not too demanding a valuation just purely on the Australian business alone.

The US is costing AUD$9m per annum. The drain will not go on indefinitely. If they make money in the USA, happy days. If they dont, they pull the plug and we are still left with the Australian business.