Assume a pe of 5 at 50c requires EPS of 10c. Last year EPS was...

Assume a pe of 5 at 50c requires EPS of 10c. Last year EPS was 24c so a drop of 60%.
10c EPS = $5mil NPAT and add back tax of 2mil and interest of 1mil leaves EBIT of $8mil. (bottom of the range announced with the $1.9mil included)

The question is what does 2016 hold in store. The trend is down for mining services and down at an Australian macro level for 2015. 2016 may be better but filled with uncertainty.

I do not agree further downgrades are already priced in and do feel longer term TTN goes lower. There may be a bounce coming given the speed of the drop but will be short lived as this is now a trading stock not a long term hold.

I will be looking to trade out of my position as personally do not like the uncertainty in what is already a risk off market.