Ann: Third Quarter 2017 Results, page-7

Let’s do some math...26 billion shares X 4 cents per share = 1.04 billion AUD market cap or about $850m USD market cap.  EV = Mkt Cap ($850m) + Net Debt ($600m) = $1,450.  1,450 divided by $40m of highly adjusted EBITDA = 36x multiple.  If I am bullish and say BLY can get to $100m EBITDA...that is still a 14.5x forward multiple.  4 cents is a delusional pipe dream.  There are too many shares outstanding to ever see a meaningful nominal value in the share price.