This is an Outrage!, page-8

Hi @thunderhead1

Difficult to say at the moment given the uncertainty in the sector. Whilst I'm not afraid of uncertainty, in fact quite the opposite I believe the best buying opportunities arise when theres more uncertainty priced into the stock than exists in actual reality.

I would be thinking from a risk reward point of view an EV/EBITDA multiple of 6x would make me feel more comfortable. Ideally with such a business as TPM a DCF valuation would be easy to determine but its too early to forecast:

1. Churn levels.
2. Margin compression.
3. Return on CAPEX.