That's exactly how I see it, Ocker, with one exception: the...

That's exactly how I see it, Ocker, with one exception: the synergies are very material in the context of pro forma merged NPAT.

Even at $25m of synergies (which was the first merger synergy number they mentioned prior to revising it upwards to $40m (I think), that that translates to $17.5m after tax which, is 20% accretive to the starting figure of $84.6m.

If you include the mooted synergies, you get NPAT around $100m, or EPS of 40cps.

Using 8x or 9x P/E now yields a share price between $3.20 to $3.60.