Overall, I think the results are good - or at least as expected.
The dividend thing is neither here or there for me. If anything, why do a capital raising, shore up your balance sheet, and then give dividends? It's just diluting the shareholders. Rather they hold the cash and look for growth opportunities.
The financial performance is good I reckon, and perhaps undervalued by the market. Despite Covid-19 and the impacts on their bottom line, they still managed NPAT per share of around 3c or at about 5% - in this climate really not bad, and they will only go up as you can see how much pent up demand there was in June-July figures. They have decent free cash flow to reinvest / distribute going forward. My back of the envelope fair value estimate is 68c on current performance.
The one thing that concerned me in the report is the five specialists leaving from Victoria - human resource management is difficult, but anyone know what happened there? May be tough to simply replace those skills.
P.S> If it goes below 55c again, with results like this, I may have to buy more !
MVF Price at posting:
59.0¢ Sentiment: Hold Disclosure: Held
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