If you take $55m as a conservative figure, you're already trading below 10x earnings. That's a 10% FCF yield, all else being equal.
Furthermore, if you assume 60% payout (maybe not for this half), with franking credits that's a gross yield of 8.5% on that figure (if dividends are your thing). I believe they'll be higher, I'm using existing figures.
Unless you believe ADH revenues will shrink meaningfully from this point, it's pretty hard to say it's priced correctly.
Ann: ADH Trading Update, page-28
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$2.06 |
Change
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Mkt cap ! $359.8M | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
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| 2 | 3412 | $2.04 |
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| Price($) | Vol. | No. |
|---|---|---|
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