Ann: 2018 Full Year Results, page-7

There has been some significant restructuring costs that one may think should slow down in the years ahead. So the 3.5 million NPAT is perhaps too low to use in that context?


Might be fair to say the big bargain days are behind, but ex the cash the earnings multiple going forward likely a fair bit lower than the 16 you mentioned?


From there a fair bit of the cash can perhaps enhance earnings somehow or just reduce shares on issue either way reducing the earnings multiple further.


I plan on holding this for longer. The mix of major shareholders should see decisions are made for the right reasons.