If you reconcile the TNT announcement on North (5.3m) with PSZ (500K+ earnout), the figure should be closer to 4.8m (but the TNT scrip is at 10c so maybe not). If you read the H1 deferred consideration on the balance sheet in FY19 and then reconcile with FY19, almost the only way such a huge increase in contingent liability could be incurred is with North’s big revenue increase.
anyway, pretty hard to figure out exactly but almost no way you can cut it to get an expensive valuation on PSZ.
If you reconcile the TNT announcement on North (5.3m) with PSZ...
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