I don't think 6c is even all that bullish. If we annual BYOjet...

I don't think 6c is even all that bullish. If we annual BYOjet at ~3m EBITDA plus put IBN on 20% growth we're looking at total EBTIDA of ~$4.2m for FY16

This would give DVI EBITDA of ~$2.2 - $2.4m, and at a 20x multiple given high growth you would see a market cap of ~$40 - $45m

These are conservative numbers. Now if you start to factor in the blue sky i.e. a major deal with someone like Expedia or Finsure (in IBN's case) you're looking at 8c - 10c. Lets not forget that Sky Scanner partnership is going to continue to bring in some serious dough.

There's heaps of value here IMO - am happy to top up at these levels especially with the volume we are seeing from some of the bigger shops i.e. Macquarie, Ords, Bells etc.