It's an upgrade (of sorts), but off a low base.
If there is one picture that warrants discussion, it is this one:
![]()
Expect that to undergo a very meaningful unwind in the current half (if it doesn't then some senior management heads will need to roll, because - while working capital won't ever be zero again, the company exited DH2022 with it being a good $40m higher than where it should be.
And at current interest rats, the interest bill and associated bank charges on that sloppy working capital management is probably close to $3m pa.
Which is not a totally immaterial amount in the context of around $75n of Pre-Tax Profits.
They say that to make money out of stocks requires two criteria to be met, namely a business that is:
1.) Cheap, and
2.) Inflecting
PGH has satisfied 1.) for some time, but 2.) has been elusive.
I thought 2.) would become evident with the full-year result.
Based on this result, that inflection point may have been brought forward 6 months (if not already inflecting, then at least clearly bottoming):
![]()
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Ann: 2023 Half-Year Results Presentation, page-7
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Last
79.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $271.9M |
Open | High | Low | Value | Volume |
0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 1000 | 76.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
80.0¢ | 41967 | 3 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 1000 | 0.765 |
1 | 50000 | 0.760 |
1 | 1329 | 0.750 |
2 | 1900 | 0.730 |
1 | 7187 | 0.705 |
Price($) | Vol. | No. |
---|---|---|
0.800 | 41967 | 3 |
0.840 | 2000 | 1 |
0.845 | 1714 | 2 |
0.850 | 2740 | 2 |
0.860 | 14205 | 2 |
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