APN & oOhMedia! merging, page-6

Its not bad value now at 12c. $3.5m in sales which is really $5m in sales to APN (they lose almost 30% in costs to agents/APN). APN can also get rid of the $1m in year in head office costs to Directors, so to APN the business will make about $4m profit. Same to another operator such as oOH or a large international like JC Decaux. They usually pay about 5x EBITDA so maybe $25m or 22/23c a share. Doubt it will go much lower than what it is at now. India should go okay but to install will be very expensive - the real tick for XTD though is that the MTR own the rail networks here in Oz and they also own the rail networks in a few very big cities like Hong Kong. So that is a good partner to have and it means if you can keep them happy you have a good expansion ahead. Rail is a good sell for outdoor they like transit.