qe3 and multiple expansion:effect on valuation

Whilst it could take some time to flow ino Australia, the current Qe3 US market multiple expansion in progress favourably impacts healthcare stocks such as VEI. At an assumed EBITDA result in 2013 of $25m ($4m intravitreal reduction on 2012 offset by underlying business growth elsewhere) times expanded stronger multiple of 6 less debt, net of cash, at 30 September 2012 of $75m split over 88 m shares produces valuation of 85 cents.