All good comments. Obviously the multiple you apply to earnings...

All good comments. Obviously the multiple you apply to earnings per share or EBITDA is subjective. Seems everyone agrees NTC deserves a premium rating based on its growth potential. My use of 25 times projected earnings is as far as I'm prepared to inflate until NTC shows that it can convert revenue growth into bottom line profit growth, and that it can maintain the higher revenue levels as major contracts expire. For example the current NBN contract will eventually wind down. There is a good chance that if NTC can keep ahead of the technology curve it can participate in likely upgrades, and win major overseas work as well. However given this uncertainty or risk to long term revenue it needs to show that it can convert current revenue into rewarding profitability. At the moment the bottom line profit is insufficient relative to revenue and to the longer term risk and uncertainty. It needs to lift profitability and hopefully will surprise with results for the second half of 2017/2018.