Whilst the PE looks OK, TNK have high cap ex which takes away...

Whilst the PE looks OK, TNK have high cap ex which takes away from the E.
So for a FY18 forecast NPAT of say $8.1 m,
add depreciation, say $1.3 m (my estimate)
Cash available $9.4 m
less capex scheduled for FY18 $4.5 m
Cash available to s/holders $4.9 m
So the real E becomes 10 cents, making the PE 17 which would be OK assuming the high capex comes down in the next few years, but again the E could go down from this over supply issue.