Good question: you would have seen Primary putting its HCN...

Good question: you would have seen Primary putting its HCN division up for sale, rumoured to be at 10 times 2012 EBITDA, and separately St John of God Pathology (hospitals) which makes less EBITDA than Vision Group, at around $15m EBITDA per year, selling for about 10 times EBITDA.

That would value Vision Group, at around 10 times EBITDA of say $25m (normalized 2011 EBITDA per the company is expected to be around $28m), less net debt of around $95m, equalling say $150m, or more than $1.80 per share!

Demonstrates what's possible if the market trusted its leadership.