Thanks. Last I saw it was a touch over 11x. Now with AASB15,...

Thanks.

Last I saw it was a touch over 11x. Now with AASB15, only about 50% of the EBITDA is actual cash. Not as Iv'e highlighted before, a financing element to AASB15 means the EBITDA uplift is unwound so NPAT largely remains unchanged. Using EBITDA of 11X means IVC would be worth around $10 range, NPAT at Dignity of Small Ords even pegs its under $10 easy. Unless there are things that go more wrong in CY19 and the market gives up and smashes the valuation, hard to see it going below $9 imo.