sealink travel ipo closes early, page-22

Oh and one more thing

The segment info in the prospectus shows that in FY13, the Kangaroo Island ferry had an EBIT margin of 13%. Head office expenses are included with the Kangaroo Island ferry so this under-estimates the EBIT margin somewhat. However Makris also faces head office costs - though his office may not be as big as Sealink

I suppose what I was thinking is that if the EBIT margin was 20% plus then it is more attractive to set up a rival service.

In summary, though Sealink makes good profits they don't make outrageous profits that deserve to be taken away by a bit of competition. But then again, maybe I am wrong....