MLD chart, page-38

True. I think net cash is about $55m but I think you are right, EV and EBITDA are probably the best way to value MLD. 

Market cap of circa $240m, less net cash of $55m is EV of $185m. My forecast EBIT was $32.2m, DD&A in 2018 was $46m (will probably rise in 2019 but I'll leave it there) so EBITDA estimate of $78.2m.

EV multiple of 2.35 times. Pretty low historically. I'd assume an EV multiple of somewhere around 6 is more likely for an investment case.