Ann: Vysarn financial results 6 months to December FY2021, page-53

I think with 12 rigs operating, we should expect a minimum of $10m EBITDA but could be $12m+ if things go really well.

As Shang has mentioned, a 6-8x multiplier is fair for VYS in its current state as a hydrogeological driller on long term contracts. That leaves us with a SP of 15-25c

However cash generation and vertical growth has the potential to significantly increase the SP if the company can execute because not only will EBITDA increase, the company will be offering services that are less capital intensive. Furthermore, as the company becomes more established, well-rounded and regarded as a critical service, we should trade at a higher multiple, especially if there is strong YoY growth.