Ann: IPP Positive Net Operating Cashflow in Q4 of, page-4

re: Ann: IPP Positive Net Operating Cashflow ... Hi jaluma

'Receipts from customers' has increased 34% from $15.2m in FY 2012 to $20.3m in FY 2013 and cashflow has improved dramatically the last three quarters (see the graphic below). Also they have $14.5m cash at the end of Dec 2013.

They may not look cheap but they should have plenty of growth in the coming years, so it is difficult to guess what is a reasonable MC ?