Under The Radar, page-150

If I've got this back-of-the-Corona-coaster correct :

Their investor presentation of 25/8 says :
$95M EBITA
$269M "underlying" (always suspicious of that term, reconciling it to reality...) FCF before tax,
therefore,
$240M FCF post tax, assuming no significant book/tax timing diffs

then, while book depreciation/impairments must be massive, but on what must be ~2,155 million shares on issue, FCF post tax is slightly >11cps,
P/FCF is ~ 1.75

Given a deconcentrated register (one substantial holder, @6.56%), surely this thing has a "please take me over WOR, DOW or anyone else" sign on it's back.....

Surely I'm missing something ? Will need to look at this better when full report published.