Ann: Preliminary Final Report, page-82

Honestly, considering they buried segment reporting and continued to resist providing comprehensive commentary, I would guess that their 'guidance' of more EBITDA this FY would include the acquisition of C2B.

If you look at the declines in the core businesses in segment reporting I find it very hard to make an assumption MBE's core will post significant EBITDA growth in FY18. You have assumed 6.5m which is a 20% increase and I think this is wrong to assume.

You also assumed that the C2B EBITDA was somehow excluded from MBE's 'guidance', where did they say this? In all likelihood the core business will go backwards, but the C2B acquisition EBITDA of 2.5m (forecast) will result in the bottom line being higher in FY18. #stuckinthestable

I'm still Holding because they have the cash and time to continue to turnaround, but 9m EBITDA? I wouldn't count on it, and in all likelihood it would be underlying anyways because they will have to impair the core businesses more.