Shoot, not sure where I came to the view that Morrisons made up the bulk of that segment's earnings and where the figure of $5m came into my head. I suspect I might have been thinking about Gross Profit, instead of EBITDA.
After the one-off project costs that were worn in the first half, I see a monthly EBITDA run rate of $0.2m is in management's sights for the second-half. That's $2.4m annualised EBITDA.
No matter how much duplicated CoDB the new owner can rip out of Morrisons, I'd be pleasantly surprised if that sort of EBITDA level will fetch anywhere close to $20m.
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SEQ Price at posting:
51.5¢ Sentiment: None Disclosure: Held
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