Ann: 1st Half FY17 Results Presentation, page-8

I find the valuation on RHP a little tricky to ascertain, because it's all about the future potential. If you look at EBITDA valuations, they are currently trading at 15x FY17, which IMO is too high. Looking to FY18, assuming they can step change and make circa $10m, it is still a 6.5x multiple. Very high, and with risk. They have disappointed in Revenue growth (one analyst pitched FY17 at $200m only 12 months ago), so to pay over 6x on FY18 when there is doubt around ability to deliver such growth, is very risky. I would not be surprised if they dipped under 30c.