Ann: Annual Report to shareholders, page-9

I see, my bad, did not see that,
Thankyou for that information,
And I also agree with you that some stocks do not correlate with the formulas
Although most do, the exceptions I've found are company's that own a lot of assets,
Such as Property & Infrastructure company's
So adjustments required to my previous valuations,
Using Proforma Guidance

EOFY 2017
NPAT = $26.6 Mill
EPS = 17.1
IV = $2.40

Now for 2018 I will assume that the 13,853,509 options @ $1.296 are exercised
So will end with about 173 Million shares
This will reduce the EPS but will put a Shoot-load of cash into the coffers
Around $18 Million actually

EOFY 2018
NPAT = $29-$30 Mill
EPS = $17.1
IV = $2.40 + whatever for extra $18 Mill cash, say 10 cents
IV = $2.50

EOFY 2019 with a return to normal growth of 30%
IV = $3.25