Good point Tamz - the $6m EBITDA forecast for 2020 excludes...

Good point Tamz - the $6m EBITDA forecast for 2020 excludes Glass. I also agree that the 2020 numbers will be messy, however I've attempted to forecast what PSZ will look like after the 2020 one offs are gone. I've also assumed that they should be able to get corp costs down to $2.5m (they should actually be able to get them closer to $1.5m for the size this company will be going forward). Given this, buying this company at Friday's close of 4.5c (or 1.9c post TNT distribution) gives you an amazingly cheap valuation on the remaining business as follows. The share price should (at least in theory) not need to decline after the TNT distribution given it should be worth north of 4.5c (probably about 7c or more in my view).

	PSZ - Post TNT distribution
1		2020	2021
2	Revenue	50	52.5
3	EBITDA	3.5	4.0
4	DA	0.1	0.2
5	EBIT	3.4	3.8
6	Int	0.3	0.2
7	PBT	3.0	3.7
8	Tax	0.9	1.1
9	PAT	2.1	2.6
10
11	Net debt	3.9	2.1
12
13	Share price	0.019	0.019
14
15	Shares	305	305
16
17	EPS	0.0069	0.0084
18
19	P/E	2.71	2.23
20	Market cap	5.73	5.73
21	Enterprise value	9.63	7.86
22
23	EV/EBITDA	2.75	1.97
24	EV/EBIT	2.87	2.04
25	Earnings yield	22%	33%
26	Debt/EBITDA	1.11	0.53
27
28	Div payout	50%	50%
29	DPS	0.0035	0.0042
30	Div yield	18%	22%
31	Div yield (inc Fr)	24%	29%