Thanks MarkieMills,The BDO report computes a normalised NPAT of...

Thanks MarkieMills,
The BDO report computes a normalised NPAT of $15.6M for FY2010 in section 9.1. (I used this figure) As you have noted, they go on in section 9.2 to say that, although they believe the forecast is achievable, they have used a more conservative $10M figure as future maintainable earnings in the valuation. (Your figure) Obviously I was not intending to mislead and both figures are justifiable.

The interest saving on all the capital raised might provide another $2M in interest savings. (pre tax)

Regardless of which set of figures you use, it still looks like the company has upside from it's current price. (Although it may take some time to heal from all the mess and bad feeling they have created?)

I agree that the BDO report is a critical independant analysis of this company which has dropped off the radar of the institutions.

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I am not an advisor. All comments are for discussion purposes only.