Annual Report Due 10 Days, page-8

Thanks Lute. You make some good points and I agree with your outlook.

Though just for clarification the PE should be quoted using NPAT for earnings as this is the usual benchmark. So whilst company value could be 3 times EBITDA it may be a bit misleading for some to think that the PE is 3 especially if comparing to other company PE's. As the PE is calculated by share price divided by earnings per share for FY17 its likely to be around 11 (by my back of envelope calcs) Still indicative of good value and I expect FY18 will be much better.

If FY17 EBITDA is $11.1m as indicated in the last quarterly, Interest say $3.5m, Dep/Amort say $5.0m then NPAT could be around $3.0m. There are 157 million shares on issue, todays price 18 cents then the PE is around 11. With growth potential in the business that still is an attractive PE.