Ann: FY15 Preliminary earnings update, page-4

EV/EBIT for ORL is currently around 18x based on guidance and a $2.15 share price.

PMV by comparison at the FY result was 13x.

Making an acquisition tough to justify on current earnings. Also they state that the AUD is a big contributor to the decline, however I don't think many of us would expect the AUD to settle much higher than even 85c at the most optimistic estimates. More likely lower than currently. So this statement, in a way, tells me that they have can expect more downside to earnings as the dollar falls.

There is scope to increase EBIT substantially if any acquierer could steady the ship by getting Oroton back on track and getting the acquisitions in shape.
But I think that the assets are a bit odd for an acquirer to want. You have a high end fashion biz and then two low margin distribution brands..which will require completely different strategy.