this thing is outstanding. makes the competitors look average....

this thing is outstanding. makes the competitors look average. Given the $65m EBITDA for 5 months to Dec 09, given the H1/H2 split last year we can expect Ebitda of $170m+ for FY 2010, versus their earlier guidance of $140-150m. Should they raise $70m at say $1.50 we will have some 762m shares on issue. PWK is a $50m Ebitda business potential (growing to approx $80m year 2), therefore we are looking at likely a $220m EBITDA business (with possibly a $270m yr2 EBITDA. With Net debt likely to be about $300m post raising and acquisition then at $1.60 TPM trading on likely EV: EBITDA multiple of 6.9 times (reducing to 5.6 times Yr2). Not cheap but not expensive.