FY14 depreciation was $5m, and capex was $11m (which includes...

FY14 depreciation was $5m, and capex was $11m (which includes $3m of rig cost paid in scrip). If we take say ~$7-8m as what's needed as capex in FY15, $1m in interest expense from $13m of debt. If EBIT is towards lower end of the guidance of $10m then this company is just head above water in terms of FCF

Net debt of $9m, market cap $25m, EV is $34m. EV/EBIT of 3.4x looks cheap, but not cheap enough if FCF is just breaking even