So you would say an acquisition would be at 4 x EBIT or EBITDA...

So you would say an acquisition would be at 4 x EBIT or EBITDA normally? So we'd be buying 1-2m NPAT at 8m cash roughly? Problem is what P/E ratio the market attaches to the bought NPAT, currently cash backing holds more value in terms of market cap being close to cash. WIth no multiple really until the recent re-rate back above 3c with regards to the business/future earnings...

I agree - housing is a stop gap measure. But it could be profitable if they get into some decent contract work for plugging along helping HA or other organisations? When mining or other work comes up they may have more experience beyond mining to tender as well. So maybe some outside the box contract work? Worse come worse maybe they are still considering an about face change in business type?

Does look like abit more life in explorers, but I assume any work is typically ongoing operational contracts rather than exploration or in development work? So there would be a lagging effect before projects come online and work comes out to tender?

7-8c would be a very nice bag indeed. Won't hold out my hopes just yet though.