2016/17 Full Year Results, page-45

To be honest I'd be totally guessing but in this sector 7 to 10 x EBITDA is the norm. If you go with Cardno's published EBITDA forecast as at half year $42.3 Million.

http://www.cardno.com/en-us/MediaCentre/Documents/Results Presentation HY17.pdf
" FY17 full year performance is re-affirmed"

I mentioned to @Punic the current 10 x EBITDA would give you $1.25

@croasian and I both concur (I think) that an EBITDA in the next few years should get to around $100 Million so it's probably a $2 price in the medium term (2 to 3 years). I'm not sure Crescent would see it as a great investment, certainly not bad if you took @croasian's advice and bought in sub $1.

I'm a long way off that but not as bad as @Punic. I got burned by not being an Australian resident and not being able to take advantage of the Cap Raise. I'm looking for $1.4 to break even but am happy to hold as in the medium to long run I think its a low risk $2. Certainly more upside than downside ATM.