Interview with Alan Kohler, page-2

Thanks for posting da, very interesting.

I have no problem with the company or the strategy, seems very sound to me. But I have a slight problem with the valuation (and I say that as a shareholder!. I am holding with the view that one or two positive announcements could put a rocket up the SP).

If my calcs are correct the company is forecasting EBITDA of $5.2m this year, and my rudimentary spreadsheet converts this to a net profit of $1.6m and p/e ratio of 50 based on 129m shares on issue and a current price of 62c. And that's if they hit their forecast.

One question though which I am not qualified enough to answer - the H1 accounts showed a net tax benefit of some $200k, even though there was a pre-tax profit of some $300k. Does anyone out there know the reason for this and how this can be extrapolated for future years?