I noticed in the company report the EBITDA of REAL is $9m in...

I noticed in the company report the EBITDA of REAL is $9m in line with forecast. AVANA 1H turnover similar to Real per last update. The announcement is probably out of doubt now but if EBIT for total business around 15m then on a multiple of 5-6.5 (this is what Endeavour and Real acquired as) then enterprise value is $75m to $97m.

Makes sense when you think they just purchased Real last year for $54m.

I suspect there will be a big spend on rebuilding the brand (they will no doubt be changing the name). Reminds me of when Photon was smashed in an almost identical share price collapse and rebranded as
Enero.

They had $19m of cash when they reported 31 Dec results. Presumably a chunk of this has been used up but most likely would have (my guess) $9m left due to payouts restructure lawyers (for class action etc).

This could be a great turnaround story however the company is at the mercy of the Government policy with respect to VET. So a lot of risk should there be a substantial change to policy.

My view (DYOR) is that they are in a better position now then prior to when they went into a trading halt when they were 35 cents.

Note don't rely on my comments as it's simply a guess.