I'm expecting 2H EBITDA to come in above 1H, so we'd be looking...

I'm expecting 2H EBITDA to come in above 1H, so we'd be looking at north of $17M underlying EBITDA for FY19. PBT In the range of $13-14M and NPAT close to $10M. EPS ~5.5-6c. If they payout 65% then we're looking at 2.1c for 2H. Fair bit of upside on that though if the write-downs are lower (which is highly likely, given improving profitability), then headline EBITDA could be over $16M and EPS 6-6.5c. If it hits 6.5c then a 65% payout would put it at 2.5c for 2H.

It's optimistic, but as I said, I wouldn't be surprised if to see significant improvement on the headline EBITDA numbers this year, given the writedowns in previous years.