As much as I like a good ramp on historical data, I think what...

As much as I like a good ramp on historical data, I think what they are going to achieve this financial year that is important. So in the latest presentation they said opening book is $62m and they clearly flag that opening is generally 65% of full year. So that means a full year revenue target of $95m lets round that up to $100m. Last year they achieved nearly 10% EBIT margins, so that means $10m NPAT. Lets use $2m in interest costs, so that leaves $8m NPBT. So 70% of that figure gives us $5.6m NPAT normalised. So with 48m shares on issue that leaves us with 11.7c EPS. Which is a forward PE of 4.5. Plus net debt stands at $17m so EV is $43m. So EV/Earnings=7.7

DSB is still cheap and I actually bought some at 43c, but you cant compare this one to TTN which is sitting on a high growth trajectory path forecasting massive EPS growth this year, from all accounts DSB is going to have a big hit in EPS this year. I consider DSB a trade, not an investment.