Yes I believe they are getting very close to finalising at least...

Yes I believe they are getting very close to finalising at least one international rail contract.


Valuation
There are multiple potential catalysts that will likely result in us having to upgrade our initial 36 cent valuation / target price.
In the Sum of Parts below, XtrackTV includes the cash flow valuation of Australian operations, and a 20 percent chance of winning the South East Asian contract. Management has guided that the chances of a South East Asian contract in the first half of 2016 is significantly higher than 20 percent, but our conservative assumption allows a chance to upgrade it they are successful.
If Contact Light continues to gain traction its valuation will be many multiples of what we assumed:

	Column 1	Column 2	Column 3
1	XtrackTV**	$m	39.55​
2	cash	$m	1.5​
3	52% of contact light	$m	5.2​
4		$m	46.25​
5		m	128.486​
6
7	Target Price		$0.36​
8
9	** Includes Australian XTD operations, and 20% chance of Sth East Asia​