revisiting investment thesis, page-21

Post sale of NZ and proceeds applied to Hybrid and Debt repayments, the broker forecasts I have seen (Morgans, JPM, UBS) are forecasting TPIs Net Debt to be sub $50m and delivering FY15F EBITDA of $310m-$320m. With expected reinstatement of Divs of +4cps pa, global peers trading on 8-10x EBITDA, and clear potential for further capital management initiatives (ie buybacks, accretive acquisitions), in my view, there is still plenty of optionality left at current share price.