PE of 6.5?, page-3

Same - I have a PER closer to 3.0x fully taxed and an EV/EBITDA of ~2.0x assuming year-end net debt of ~$55m.

What is important to note is that MYE has now delivered 3-quarters of EBITDA between ~$12m-$13m, and likely to do so again in Q2 FY24 for annualised EBITDA of ~$48m-$50m.

The other important thing to note is that asset sales of ~$53m will reduce depreciation expense, and while non-cash in nature will improve reported EBIT.

These guys are well past the bottom, are cheap on current metrics, are trading around NTA despite recent asset sales, have a 55% shareholder that is likely to guide them to new contracts in commodities that are holding up well.

The key issue is that most 'mining services' companies are trading on PER's of ~5.0x and EV/EBITDA's of 2.0x-3.0x - PRN, EHL, MAH and MSV just some examples - so we need a sector re-rate for MYE to look outstandingly cheap.