http://Disallowedlink.com.au/wp-content/uploads/2016/02/BY-OBJ...

http://Disallowedlink.com.au/wp-content/uploads/2016/02/BY-OBJ-Research-Note-24022016.pdf

In summary, we see events 1-6 as presenting significant re-rate opportunities and news on the DCE/
SuperTubes and Surface Hygiene as being added upside. Ultimately the company only requires
one of its divisions to be commercialised and be globally rolled out for it to become a profitable
enterprise. In addition, most of OBJ’s revenues are in US denominated dollars so OBJ not only
provides exposure to a growing US economy but also to a lower Australian dollar. We maintain our
view that it is not unreasonable to expect OBJ to be generating >A$50m in annual revenues in four
to five years time. We value OBJ on a probability weighted basis at $0.15 per share (un-risked at
$0.27 per share) after accounting for the dilution from the recent capital raise and previous options
exercise.