Brokerage reports, page-37

My rough as bags valuation assuming Aust & UK just chug along with SGS contributing zilch but carrying the cost of debt surely is:

	Column 1	Column 2	Column 3	Column 4
0		EBITDA F16	v Target/"guidance"
1	Aust PIL & GL	70	70
2	UK PIL & GL	65	65
3	SGS		70
4	Total	135	205
5	Less Debt Load @5%	35
6	Total	100	205
7

EPS = 0.28 x10-12 = $2.80-$3.36

Am I missing something????