H1 results due 19 Nov, page-7

Pioupiou can attest to my efforts in "following the cash" for TGA but I have concluded that DCF is not useful for TGA. I have settled on a simple dividend discount model as an approximation, and paying attention to the ROE and the ROA. For 2015, I would like to see ROE of 18% or above, implying a NPAT required of at least $31m. With TGA, GAAP earnings are complicated by management's conservative accounting, as a lot of earnings are backended.

At the end of the day, a precise value is a chimera. A range will make more sense.