Half Year Results, page-5

PGX is a well run operation but the ~$56 million Wärtsilä Smart Power Contract awarded to Primero in April 2018 with ~$40 million revenue expected to be derived in FY19 is non recurring revenue. Tempo has taken the right strategy under Lynas of building recurring revenues, slowly but surely, they are building a solid base. They will in time jag the non-recurring $20M - $30M contract in the resource space with Pensebene but I'm far more interested in the recurring revenue maintenance part of the business. Higher margins and valued by the market as higher multiples as it's recurring revenue not one offs. Tempo is priced for what the funds are anticipating to be delivered by management , definitely agree with that. If you strip out the cash for the EV to arrive at an EBIT of $35M on a multiple of 12 the market is expecting a $3M NPAT in CY 2019.