Ann: Trading Update, page-43

Really curious to see how the stock will react once they publish their quarterly cash flow, now that the stock has almost come back to the level pre-announcement of their half year sales.
I understand that there is a clear seasonality in their business, so we can't annualise their quarterly cash flow.
But even, if we expect significant cash flow only during the 2 quarters of the year, the company can probably reach around 6.3 m of free cash flow for the year, which corresponds to a free cash flow yield of 37.5 %.

It seems to me that such a level of free cash flow yield largely discounts the level of risk for this kind of business.
Other main element : this level of free cash flow is mainly a function of reduced cost level and better pricing, so it does not seem really cyclical.