where from here?, page-59

Whilst the PE looks OK, TNK have high cap ex which takes away from the E.
So for a FY18 forecast NPAT of say $8.1 m,
add depreciation, say $1.3 m (my estimate)
Cash available $9.4 m
less capex scheduled for FY18 $4.5 m
Cash available to s/holders $4.9 m
So the real E becomes 10 cents, making the PE 17 which would be OK assuming the high capex comes down in the next few years, but again the E could go down from this over supply issue.