I go back to what I wrote in the weekend....I think the 2...

I go back to what I wrote in the weekend....


I think the 2 companies worth comparing TOX too are BAX and TPI.

If you use TPI as the comparable then TOX should be trading at 10 cps based on 11x EBITDA. This would be even higher if you exclude the trucking division from the blended multiple (Trucking has a lower multiple).

If you use BAX as the comparable then TOX should be trading at 11 cps at nearly 12x EBITDA.

Either way I think TOX should double from current levels and then further once growth options are identified above the $3m forecast EBITDA.

None of this includes the tax and cash balances held on sheet. These additions could add a further 10 cps so a total of 20-21 cents over next little while....

Probably good buying at the 4 cent levels but do your research.........