Ann: Investor Presentation, page-10

If you compare the ICU business to MBE or CM8, ICU wins hands down from my point of view.

http://asxinvesting.blogspot.com.au/2015/06/why-i-hold-icu.html

I think the reason that its share price has performed so badly since it was spun-off is threefold.

1) ICU would have represented a tiny percentage of the portfolios of those who received stock after the spinoff so they would have had no reason to keep hold of it.

2) Tax loss selling to 30 June

3) Poor communication to the market, or at least not the kind of communication the market likes. They provided most of the key details but did not sell them with glossy presentations like the one we just received. The Q4 cashflow is a good example of this where due to naivety they did not realise they needed to provide an explanation with the release.

Given the growth drivers, quality of revenue and scalability I think that at least a 20x multiple is fair. Based on the assumption that they achieve $3m EBITDA which translates into $2m NPAT, then 30 cents is about right currently.