Thanks, I'll have to re-read, to get the whole picture. When I...

Thanks,

I'll have to re-read, to get the whole picture. When I went through it originally there was this snippet "Management have told the market that the full year result is expected to be strong even
with some seasonality. A conservative assumption would be a 55/45 earnings split for 1H/2H
given some seasonality in ITL Healthcare, but ITL BioMedical may post a more impressive
performance (say 50/50 split or a bit better). That would have the stock trading on 11-12x
earnings for FY17 based on current prices.
But couldn't identify the reasoning, it is a big document so I probably skimmed over most of it.
I agree that this stock is significantly undervalued.