BH!Ok, here's how I see it.2008Revenue: 1839mEBITDA (margin...

BH!

Ok, here's how I see it.

2008

Revenue: 1839m
EBITDA (margin 20%): 356m
NPAT: 157m (10.4 cents per share)

2009

Revenue (down 35-45%): 1011.45m - 1195.35m
EBITDA (margin 11-13%): 111.26m - 155.4m
NPAT: ???

Using your figures for TDA, I get NPAT falling between 21.74m and 62.4m, roughly 1.4 - 4.2 cents per share.

Taking one off restructuring costs of 20m into account obviously makes it look a lot worse (0.1 - 2.8 cents per share).

Restructuring costs aside, on a P/E of 6, I get a SP range of 8.4 - 25.2 cents. The details provided in the AGM will be interesting for sure.

Z