Obviously there was an expectation of a dividend & I think the lack thereof has led to the sell-off today despite a great result.
The company has stated it hasn't ruled out a dividend but also appear to be considering other options (not disclosed).
Once this sell down by holders who were expecting a dividend is comlete I would expect this stock to be re-rated.
The 2nd half alone produced a profit of $3.5m ($2.5m 1st half)or EPS of 1.45c on simlar sales to the first half with operating expenses reducing. Net profit margin is a massive 35% (2nd half), there is no debt & all legacy issues resolved (no contingent liabilities). In addition, there appears to be enough unrecognised tax assets to ensure tax will not have to be paid for at least 3 years based on the current level of profitability.
Considering how stable sales have been for the past 4 years ($21m), I don't see why the company can't produce a profit of around $7m for 2013. This would put it on a p/e of about 4.5x.
Still appears to be very good value. Anyone have any thoughts on the results & this year?
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