Lets have a quick think about the "no deal" with TLS option,...

Lets have a quick think about the "no deal" with TLS option, unlikely as I believe this to be..

VTG has consistently generated over 30M in FCF the last few years.

The net present value of 30M a year for the next 4 years, even using a fairly stiff discount rate of 8%, is still $100Million.

This plus net cash on hand, is about the current market cap alone, implying a zero valuation for the entire SHAW business, plus the ICT bits and pieces they are keeping!

Which doesn't make any sense to me...

SHAW will generate over 20M in GP in FY22, ceteris paribus...

The current SHAW business is every bit half of the size of Silk Laser Australia (SLA), and the market is valuing SLA at over $200M..

Have I overlooked something?