smoke & fire , page-11

Could anyone tell me the flaw in my calculation, as I can't quite reconcile the financial statements with the sentiment on this forum....

When I look at the statements I can see that

AZG had a 'fair value adjustment' of $4.5 million on their purchase of Arccon. They also had a $7.6 million profit on 'bargain purchase' of CIA. Total abnormal gains = $12.1 million.

AZG reported a profit before tax of $16.2 million. If you strip out one-off abnormal items they actually made $4.1 million NPBT --> equates to NPAT of $2.9 million vs a market cap of approximately $45 million --> PE of 15.5.

AZG have indicated they will maintain the same revenue (dependent upon further contract awards) whilst maintaining the same operating margins. Perhaps AZG are indicating they are on track to achieve a similar underlying result to last year - NPBT of $4.1 million? Thoughts anyone?

I am a former holder of AZG.