Livewire article on ZEN, page-45

Sorry, my bad, yes NPAT was 8m odd - I was multiplying by 10 for the PE derived MC. If you wanted to you could still factor in ultra crappy performance and give it a PE of 5 + NTA and get a SP of $1 odd. So I think so far it seems like knee jerk selling (volume maps to that)

Very hard to truly judge lumpy revenue cycle companies like this over just a one year basis.

They appear to be delivering more MW projects this year than previous years. But I agree, margins are what will matter and that comes down to the nature of the projects themselves and is so hard to judge from the outside looking in.

In any case, this feels like buying a solid business just as mining expenditure and investment is on the up.