Sales growth running at +$10m a year, gets them to some $23m...

Sales growth running at +$10m a year, gets them to some $23m ebitda in 2019, June year end. Given strong growth profile, will command a premium, adding to that is the very high online penetration rate other brands can only dream of.

This gives it business power in being able to add top line growth with very little CODB additional cost. Further, the balance sheet is now clean.

You are looking at fy19 some +$24m ebitda at 8 plus times, being +$1 a share, without any real takeover premium built into it.

Would make a lot of sense for another industry player to have a crack at around $1.