Depends what 2017 guidance metrics you use: Reported EBITDA $4m...

Depends what 2017 guidance metrics you use:

Reported EBITDA $4m = EV / EBITDA x 12
Reported NPAT $2.3m = P/E x 26 and P/EV x 21
or
Underlying EBITDA $8m = EV / EBITDA x 6
Underlying NPAT $5m = P/E x 12 and P/ EV x 9

Underlying is the cheap metric but requires a leap of faith as it excludes key factors:
- Bonuses / Stock-Based Payments, Restructuring, Integration, Transaction, Due Diligence Expenses
- Asian Country Start Up Losses
- Vendor Growth Program Losses

Reported EBITDA vs Underlying EBITDA:
2014: 1.4 vs $3.3m
2015: -$1.3m vs $4.9m
2016: $1.4m vs $5.1m
2017: $4m vs $8m (guidance)

Licencing Gross Margin:
2014: 16%
2015: 15%
2016: 14%
2017: 15% (H1)

Group Expenses:
2014: $10m
2015: $19m
2016: $25m
2017: $26m (guidance)

Absolutely key for those 2017 figures to be met as they significantly affect price valuations and business model viability.