They've in blackout since early Jan, so willing to give them the...

They've in blackout since early Jan, so willing to give them the benefit of the doubt here. Looking forward to whatever they announce on the 22nd. All primary research indicates Sukin has sold well, I'm less confident on Andalou and Mineral Fusions, but I believe the valuation has already accounted for this. I still think the logic of applying a trough EBITDA multiple of 8x EBITDA on FY19 earnings (which I think will fall in the ballpark of $29.5m) minus net debt of $30m gets you to a market cap of $200m (still 2.5% upside from here). Good margin of safety IMO