After the initial bump post quarterly, the churn has been pretty...

After the initial bump post quarterly, the churn has been pretty strong. This month 24.2m shares have traded or 12% of the company, with 4 days in excess of 4m shares each.

Based on the 2H16, with the one-offs added back, I have a statutory EBITDA run rate at around $2.55m which gives an EV/EBITDA multiple of 3.05x. The market runs, depending on the sector and company types at between 8x to 12x. Once the churn between these buyer(s) and seller(s) is done and the handbrake releases, the stock should go for another leg up and get a little closer to the market's multiple range