based on Labour Hires half year EBITDA of $3.8m and allowing for the 2nd half normally being approx $1m weaker than first half and after deducting head office costs of $2m we should be looking at NPBT for the full year at just under $4m for the labour hire business (excluding an training impact). Even if they pay the a full tax rate of 0.30% going fwd (which they wont due to accumulated losses) this gives a NPAT of $2.8m which gives a trading PE of 4.8x. Big assumption but if this NPAT is sustainable ASH should be trading at a PE of at least 7x giving a minimum share price of 13c. So at current levels, this should be a buy?
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