fy18 forecasts

managements guidance for fy17 is $4.5-6.5 ebitda. da will be over $7m and rising.

amortisation history is 2,3,5m in fy14,15,16. 7m for fy17, then roughly 9m for fy18.

so even if they go exceptionally well in fy18 and make $15m ebitda, if you take out the $9m da that leaves $6m ebit and only ~$4.2m npat.

with 388 shares currently on the register and probably 390+ by fy18, that gives only 4.2/390 = 0.0107cps. At a very generous pe of 25 only gives a price of 27c.

Im out today for the above reasons. Good luck everyone.