Record cash receipts for 4th quarter, page-195

The half yearly appendix 4D gives lots of detail as to where the D&A charges comes from. All the info is on pages 13,17 and 18. Page 23 also says that the assets aquired fro the track acquisition were 18.6M. This can be reconcilled to the details on P 18.

The acccounts say that they spent 80K on plant and equipment for the half and that is the total capital spend.

In my view NPAT is a very poor measure for this company as they have D&A cahrges of around 4.5M a year with next to none new apital spends

As an example EBITDA was 3.25M

Annualise 13M
Less Interest 2.9M (if no repayments or re-negotiation)
Less D & A 4.5
Tax 25% 1.4

NPAT 4.2

Free Cash flow however is 8.7

These numbers are very conservative the EBITDA grows qtr on qtr.

So with a EV of around 56M I would undervalued using cash flow but does not look that attractive based on NPAT

And as they pay off the debt the EV gets lower and the financial metrics much more attractive