$8m is now my baseline for FY20 (assuming 30% tax rate and no tax asset inclusion), and that's a low baseline given production increases and progress of Alusion sales.
I noticed management were careful when talking about the 2200T capacity. They didn't say it's in excess of current demand - rather, they said it's in excess of "current order intake". Very big difference.
Given how conservative this bunch are, $12m NPAT for FY20 is not unreasonable in the least (again, assumes a full 30% tax and no tax asset realisation, nor R&D benefits). It also doesn't include any benefits from the reduction in 24/7 shift work and the spike in wages as a result. And correct me if I'm wrong, but Merck might be paying a decent sum of money in FY22 if they want to continue with Alusion exclusivity...
As for the remaining IP - if even 1 in that list works, it's just icing on the cake.
ANO Price at posting:
$2.00 Sentiment: Buy Disclosure: Held
