The Overhang Part 5 Elimination Party ?, page-20

Just to clarify I'm not saying my valuation is double the share price. There would only be a change of control if Indy Singh decided he wanted to boost his retirement fund. In such a case the PE at face value could look rather high because of all the overheads an acquirer could strip out. At first glance you could strip out around $2m pa pre tax of costs from the elimination of director fees, audit costs, rent and ASX listing costs. On a post tax basis that would increase FY15 cash profit by around 25%. I suspect there would be more taken out given FID is small with a high cost to income ratio.

Assuming business as usual I value a stock like FID at around 14-15x forward NPATA with some adjustments for any excess cash. An EV/EBITDA of 10x gives a similar result