if FY16 npat comes in at $18m that means second half ebitda is...

if FY16 npat comes in at $18m that means second half ebitda is circa $17m taking the year total to $44m. To this you can add $20m for the Ocean Shearer probably more given they are the biggest ship accessing Brazil now. So that is circa $65m ebitda for FY17. I'd say tomorrow the game is up for the down rampers. I really can't seeing it falling any further when you have the Ocean Shearer adding $20m Ebitda pa which is a 50% increase. So lets say the ebitda valuation multiple is 8 times (- $180m debt) that gives a mc of about $340m or very roughly 90cps. And that is during a very rough year...