re: Ann: Year Ended 2013 - Results Release Pr...
Upfront I have been a long time holder of MCP, so my comments are meant to be objective.
JID - I would argue that cash flows are not "solid". Rather their yoy operating cash flow decreased by about 10%. The only improvement in cash flow was due to their share issue.
The $ value of sales has increased, yes, but that is a meaningless measure of their profitability. For example, 2nd half 2012/13 sales increased from $132.3mio to $146mio, yet normalised NPAT for the half decreased from $6.7mio to $5.6mio.
As I said above, I have been a long time holder of MCP. But, I have substantially reduced my holding - both before and after their results were released.
For anyone wanting a "punt" on MCP I would strongly recommend that before doing so you run a set of comparative/trend numbers (sales, prices, ratios, etc) for the last 3 years or so.
IT AINT PRETTY!!
MCP Price at posting:
$1.50 Sentiment: Hold Disclosure: Held
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