Axiomax. Op Cash Flow should be after debt costs and tax. So...

Axiomax. Op Cash Flow should be after debt costs and tax. So will in part depend on funding structure.

There will be material amortisatin that will reduce tax which is 28% in NZ.

If i take a stab at $2.5M interest, and tax of say $6m, then Op Cash flow might be $24m or so NZ Dollar.

Pick a multiple that u think is reasonable and that is ur value. IMO multiple 12 to 15 is very reasonable looking at asx peers. Maybe conservative if they maintain growth and as profile increases.