Yes Rewind I think you have to believe that a turnaround is in place because a valuation based on historical EPS and EBITDA (year end results) is not compelling.
BUT...if you strip out the one-off's and use a $28m EBITDA, which compares well with the forward forecast of $31+ million, then to my maths there could be significant discount at current prices.
Personally, I'd feel even more comfortable with less debt and better interest cover.
