Column 1| Column 2| Column 3| Column 4| Column 5| Column 6|...

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9
1	AHY	Receipts	rec excl gst	net receipts	net rec excl gst	listing expenses	adj net receipts (excl GST)		Revenue
2	2012	691.6	628.7	124.5	113.2		113.2		622
3	2013	687.2	624.7	124.5	113.2		113.2		624.3
4	2014	689.4	626.7	63.0	57.3	30.5	87.8		629.9
5	2015	693.7	630.6	139.4	126.7		126.7		622.2
6	2016 - guess - by averaging 2014 and 2015						107.3

The numbers above use details from the last few years financials. There may have been a Zag Zig, where net cashflow was diverted from FY14 to FY15. I may also be nuts - so DYOR.

Equating EBITDA with net receipts excl GST => Knock $19m off their U EBITDA 15 and you get $126m
adj NPBT => 87.7
adj NPAT 15 @ 30% tax => 61.4m.

Unpat target based on FY 16 guidance is about 64.7m approx. So my back of envelope calcs very roughly add up  - wish I had a bit more time.

This is not a growth company at all IMO. It is a shrinking company most likely with no top line growth, and little ability to extract costs out of the business. If I am right this has something in common with SPO, DSH etc.

I have had very little time to focus on this - so may be missing something very big here - so DYOR and don't rely on my back of the envelope calcs.