Ann: Flight Centre Invests In BYOjet Group, page-7

I think once we have the quarterly results come out and it shows x% EBITDA growth, we will all be wishing we bought more... the Jetmax platform is în my view a 70-80% incremental EBITDA margin business... and sounds like FlightCentre will move towards this platform as well, so our FY16 EBITDA is now in a very big upside range, anywhere between 4-8m in my opinion... access to Flight Centre's inventory also probably increased profit margins, all in all, we can safely attached 25m floor valuation to BYOJet...

But I think the biggest upside comes from the 16.4% retained equity interest @ FY18 EBITDA, 2 year to implement and with added distribution, won't be surprised if we see a 3-400% increase in EBITDA by FY18.

My BASELINE valuation is this deal is worth around 4.0c to DVI, on my optimistic scenario 5.8c... but I have been known to sit on the conservative side.