forecast pe at 6, page-28

Yeh on an EV/EBITDA forecast ratio, I believe GLH is on the expensive side now, I think initially I had a rush of blood after the profit upgrade.

Currently GLH forecasting $1.5m EBITDA (seems that EBITDA is translating close to 100% NPAT), maybe the EBITDA figure will be a tad higher.

But at 47c this is commanding a market cap of $15m

This means the forecast EV/EBITDA ratio is coming in at 10.

Its not expensive certainly not cheap and as everyone has pointed out, the NPAT figure does not include full tax rate, or any R&D expensing. Some outfits in the tech sector expense their R&D 100%!!!! And have much better EV/EBITDA ratios than GLH.

I am back to my original position when GLH was floating around this price before the sell off, so I am down to 1/4 of the largest position I held when it was trading at 30c.

All this can change subject to 1/2 yearly results or any more contract wins...

I will be very impressed if GLH can manage a close above 50c.