I get about 7x at 2.66 cps (assuming $12m NPAT, and 450m shares). However there will also be spare cash / lower debt, so PE 6 to 7 is very reasonable, assuming something helpful is done with the extra cash.
Does anybody think somebody will want to make a take-over offer, or is that nuts?
Deloittes have pretty much valued the business (and it sounds reasonable but conservative to me), and there may be a looser commitment to this co on the share register after this. An offer at 15% above the top of Deloittes price range (20 to 31 cents) may do it in this current environment. That would be 35.5 cents or PE of only 13x at 2.66 cps earnings.
BVA Price at posting:
16.4¢ Sentiment: ST Buy Disclosure: Held
