Ann: ITL Trading Update, page-14

From what I read they have a full tax break this year and the NPAT with be similar to the EBIT of 3.7 m due to tax deductions following the previous years. next year they are exepecting only a 10% taxable income due to further deductions.

The full 4 million was meant to be expended and written off prior to the end of FY from what i read.

I think an EPS of 3.8c is a good estimate

current SP gives us a PE of only 12! so very under valued and could lock in near 17 - 19 by years end.