Valuation, page-46

You have not put a value on space tracking.
They have spent $80 mill in the sector to date and expect to make around $25 mil pa after tax from 18-19 onwards.
If you put that on 17 times= $425 mill.

Space is the big kicker, when it comes.
Market doesn't value this bit it seems.

Also l think they have losses of $60 mill, meaning there first 60 mill profit likely tax free.

I'm no expert yet have been to their last few agms and have owned this for 10 yrs approx.

Board is very impressive.
They need to sign these contracts they talk about however also