Ann: Tyro Rejects Non-Binding Indicative Proposal, page-35

They made Group EBITDA of $2.2m in July, as shared in the trading update.
July not exactly a big month, with no Easter, Christmas, etc so we can assume growth from there.
We know the transaction value in August exceeded July.
12 x July's EBITDA gives you $26.4m in EBITDA for the year, which is just over the mid-point of guidance ($23m - $29m).
With transaction growth during the year across terminals and online, with Christmas still to come, I can see them exceeding guidance.

Price target by end of year $2.50 for me.
This bid has just made the market wake up again as operating leverage kicks in.