Ann: Debt Repayment, page-11

Also worth noting that the FY17 underlying EBITDA of $11.2m beats DJ Carmichael's estimate of $10.4m by 8%. This is significant given they only published their report 1 month ago and had access to three quarters of figures. One can also imply thst DJs expected Q4 EBITDA of $2.6m, so CM8's Q4 EBITDA of $3.5m beat expectations by 34%!

Summary of FY17 Quarterly EBITDA:

• Q1: $2.2m
• Q2: $2.6m +18% qoq
• Q3: $3m +15%
• Q4: $3.5m +17%
• Total: $11.2m (numbers do not sum due to rounding)

Broker underlying EBITDA expectations:

• FY17:  $10.37m
• FY18: $10.40m
• FY19: $11.48m

CM8 seem to be on a trajectory where they can confortably beat expectations. The stock currently trades on an FY17 EV/EBITDA of c.2.9x.