Where does this ride end??, page-58

They have $30m in surplus assets ready for sale they mention. I'm still not sure they will be cash flow positive next year so the asset sales will be needed for sure. They could attract private equity with a bid. Enterprise value at current price is around $500m , 2016 ebitda could be around $117m so a EV/ebitda ratio is around 4.3 , this looks like a bottom of the cycle valuation. Price should remain volatile whilst those institutions exit before its removed from the asx200 all Aus index on the 18th.