Ann: Appendix 4E - Financial Report-RDG.AX, page-121

I think the issue is the 1h2016 had a drop to 2H2016 numbers. While profitability % as a drop was less than revenue drop (indicating they were getting leaner) I think the main problem is quantifying revenue and order book going forward (in absence of a business acquisition). I noticed in the last 9 months besides a trading halt or so all shareholders got was the half yearly report and final.. so definitely doesn't seem like the company reports much to shareholders often. Guess why do you have to bother when free float is < 10%.. part of the information risk of a tightly held company.

That said i think @HenryEmmett mentioned underlying profit of $9m? I can only fint net profit before tax of $8.6m , thought underlying profit reversed some once offs etc?

The main figure I looked at was NPAT of $5.6m. Assuming 3.5c, at 631,404,067 shares that's $22,099,142 market cap $22.1m for simplicity. So it would be trading on nearly 4x earnings (NPAT) if so. Just under. 5 x 5.6m earnings would still be $28m market cap (4.4c) or 6x would be  5.3c....

maybe some others could comment on what a reasonable P/E multiple would be for a company like this. But I assume the main issue is the fact that the earnings are likely to reduce in absence of contract renewals or new tenders.. which is part of the reason there isn't a rush into the stock. Not to mention the no dividend part which would be part of some investment plans prior to taking a position.

The upside is the P/E of 4 doesn't take into account the $13m cash on hand. Which I guess needs to be reduced somewhat by the liabilities (tax payable, etc.) so it is probably closer to $5-7m if you assume the receivables can't be recovered ($2m of which is mentioned as revenue to be collected, so not counting it woudl be conservative).