What do you think of the calculation below?: Column 1| Column 2|...

What do you think of the calculation below?:

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11	Column 12	Column 13	Column 14
1	Based on NZ dollar							PE	AUD / share		AUD / share		AUD / share
2	Forecast (Mil)		Dep/ Amor	EBIT (mil)	30% tax	Net Profit	Dep/ Amor Adjusted (not real loss)	20		25		30
3	45	EBITDA Include US and UK	2.6	42.4	12.72	29.68	32.28		645.6	0.85	807	1.06	968.4	1.28
4	61	EBITDA exclude US and UK	2.6	58.4	17.52	40.88	43.48		869.6	1.14	1087	1.43	1304.4	1.72
5
6
7	49	EBITDA Include US and UK	2.6	46.4	13.92	32.48	35.08		701.6	0.92	877	1.16	1052.4	1.39
8	65	EBITDAexclude US and UK	2.6	62.4	18.72	43.68	46.28		925.6	1.22	1157	1.52	1388.4	1.83

If we excludes US and UK loss, the PE valuation at current price is actually not too bad.
Development cost for US and UK expansion could be treated as one off.
When we look at valuation of a company, I think investors should look at the potential of a company making money, and it is a fact that A2M could make approx. $65mil EBITDA (Current fy16 orecast) in ANZ and CHINA.

I think PE 30 is very reasonable for stock like A2M. I believe 30% net profit growth rate is highly achievable for A2M. PEG=<1 therefore PE 30 is reasonable.

30% growth could be come from product price adjustment, milk powder growth, continue growth of IF sales (constantly out of stock although production increased).


Please share your thought?