weakness, page-9

I don't have a downside case, but would say the following:

20m in debt facility if used wisely can acquire 2-3m in additional NPAT.

NPAT for 2015 is projected at 4.4m.

So even if they have a disaster, let's say they only achieve 2m NPAT instead of 4.4, hypothetically with that 20m worth of acquisition debt facility they have available, they can get it back up to prospectus forecast with a full year of that acquisition.

So again relying on a good case acquisition scenario, the downside is somewhat protected and not valued in SP IMO.

*These number projections very rarely eventuate as predicted, but can be used as a very loose guide.