Ann: Preliminary Final Report, page-26

The good news. A little bit of volume and chart has turned




the bad news and it’s FA and I don’t do FA well but

where are all the posters calling out 30+ mill cash
they are the ones not to listen to and DYOR


it’s 20 mill
they have 17th mill in trade receivables
minus 29 in trade liabilities.
so that’s 8 mill in my book ,
a company that makes in profit 200k , 1m, 800k + 4M over 4 years does not really have 20mill cash
but FA not my thing


4 mill net 6 ebita profit on 180 mill Rev is rather risky for any cost overuns

they only have 80mill work in hand covering the new work and the carry over, so they need contracts


the ok
4 mill for a 20mc company is not expensive 30mc is perhaps warranted, but risky as per their slim margins

the good,
I repeat the chart
possible 30c target, where there can be expected to be a lot of supply from stake holders.