Hi Cicatriss,Apologies, you threw in the billing system and...

Hi Cicatriss,

Apologies, you threw in the billing system and plant/property into your EV. I wouldn't have included that. Also wouldn't have included deferred revenue in MNF EV.

My EVs are the same as yours except i calculate 5mill EV for ENG.

I would have used EV/sales as a better guide. This gives ENG 0.25
MNF 1.2
FRE 5

This tells me ENG need to focus on their core business and forget about the bluesky WIMAX ie management problem and confirms Standups theory on Seven lurking behind the scenes. The cash in ENG bank account is probably the saving factor but they have to get the extent of their losses under contol. Still overstaffed imo. If they could reduce that again by 50%, I'd probably change my view on ENG.

MNF are the benchmark (ie the compliment).

FRE are way overpriced imo.

Cheers,
The Sparkler