I should have mentioned this isn't including NZ
Working done at 90c for FY20 EBITDA
325.8 shares * 0.87 = 283
+ net debt 111
- cash from MW (35)
= 359m
359 less 40% of MW(150)
= 209
FY20 EBITDA guidance assuming 10% growth = 62.7m
less NZ 12.8m EBITDA = FY20 49.9m
209 / 49.9 = 4.18