Tekton,
If ICP's margin is 33% as you have guess-timated, thus equalling $10mill net over contract value. On the assumption that opex remained steady - this would place the figure of $10mill in the EBIT column (+/-).
Thus the 3.4c arbitrary value that you have opined - would provide a P.E of <2......the sector average (in normal market conditions) is 9-12...thus sp value = 15-20c.
Cheers
Werley
massive contract, page-11
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