I did some rough calcs when the deal was first announced. At the...

I did some rough calcs when the deal was first announced. At the time Vocation was trading at 14x FY14 EV/EBITA up from 10.5x EV/EBITA at the listing price.

On the CY14 pro-forma that AWN put out yesterday at say 13x EV/EBITA:
13 x 25.4 = NZ$330m = A$310 Enterprise value. Less A$58m Quantum purchase price, less A$19m existing debt, add A$16m existing cash gives an Equity value of A$250m or $1.50 per share. That ignores the value of AWN's other businesses.

If you work on CY15 numbers obviously you can pull a higher number out of the hat.

At the moment I can't really value it on a PE basis as the combination of debt and equity is unknown