What the ...., page-12

If 21c does not hold then 18c is very strong support - look back at how this level has played out since late 2008 (barring Apr/May breach, which was quickly overturned). In either case, at 21c the company has an EV/EBITDA of just under 6 (applying conversion rate as at 30-Jun-16 of 1.343285 AUD to USD) and price to book of 0.42, so has strong fundamental support alongside technical view. Note that this calculated ratio may differ slightly from other sources - e.g. Yahoo Finance, which appears to not apply USD conversion to reach its EV/EBITDA figure. The market may be pricing in some expectation of negative future performance, but for all appearances this company is undervalued at current levels.