Ann: Ceasing to be a substantial holder, page-8

Umm Phoenix, what you are calculating there is multiples of NPAT, not earnings multiples.

EBITDA for 1H18 was just under $13m, assuming the same again for 2H18, the full year 2018 EBITDA would be $26m, implying a current PE multiple of 4.5

If the share price hit $2.00, the market cap would be $195m, implying a PE multiple of 7.5

That's without any growth assumptions into the future, provided of course that the second half of 2018 held up, should find out soon enough I guess.