Taking $400m annualised revenue with the core product in structural decline...
...and applying an optimistic 4% EBIT margin gives you ~$16m or ~$11m after tax.
~665m shares at $0.20 each would yield a market cap of ~$133m.
That would be a P/E of 12x which is a stretch given the industry...
...of course that is completely ignoring the $250m odd in outstanding hybrid equity. Until that's dealt with, the share price is going to remain capped because the outstanding hybrids prevent any value being released to the ordinary shares.
