I think your assumptions to justify the 9c share price are...

I think your assumptions to justify the 9c share price are incorrect

At $100 m EBIT 6 times that equates to a $600m market cap for PPX

AT the best outcome for PXUPA and deduct the full $280 m value , that leaves a $320m market cap for PPX , that is around 60c a a share .

On that basis the market is not at this point in time giving the board much chance of achieving 3% of revenue as their EBIT

The sooner they address the PXUPA overhang the better , and then if they can become 1% EBIT positive the share price at 9c would be cheap

Just my opinion