just doing the sums, page-2

where do I start.....how about don't try and forecast a company based on NPAT margins....do it with EBITDA.....interest and tax expense aren't always positively correlated with revenue growth. Esp for NTC where it has no net debt and tax losses.

If you take the time to build a decent model you should find NPAT numbers will be much higher than what you have got....FY16E earnings will be much much much higher than fy15E. Obviously not banked yet but not as expensive as your guesstimates