Why I've been buying PRT, page-12

Agree 10 will need to good regional provider. Speaking to PRT one becomes aware of the fact that private equity is always knocking at the door with different proposals . I think a good excercise is to read the last 3 AGM addresses and compare that will Prts EBITDA and NPAT results that can be found in the annual report. PRT are agitating for a deal. As of end of Dec net debt should be circa 22 -25 m . Market cap is 112 EV about 135m . Starting at a NPAT of 25 and assuming a 2 m annual NPAT decline ( not cash flow is even higher ) PRT is worth a lot more and this ignore value of infrastructure , IP , and assets