EBITDA was $83m. Then take off 77m of depreciation and rebuilds...

EBITDA was $83m. Then take off 77m of depreciation and rebuilds (engines and stuff ) on equipment they have capitalised. But the company is negative real EBIT before they even think about paying interest bill of $43m. That is when you ignore all the accounting smoke and mirrors to get from the statutory result to managements "operating" result. That's what I'm saying, the market is valuing emeco higher then nrw, Macmahon, and bunch of other mining services companies which are actually making a real profit and not carrying anything like the debt. Doesn't make any sense from fundamental view point. Black Crane is getting out which was one of the people that underwrote the capital raise to pay for the merger at 8 or 9 cents or what ever it was. I'm not a buyer at these levels but who knows people will still buy in punting on mining services recovering. Just that this company will take a long time to get back to real profit. Better mining services punts I think out there.