With NTA Dec 31st of $1.57 and a franking credit balance of $70m this is a sitting duck for a takeover imo. NTA likely over $1.60 now.
Pay a fat dividend to unleash that 70m franking credit balance (that's not included in NTA) and the suitor can get SVR for NTA while still offering a premium.
$1.57 NTA in Dec, less dividend paid 7c (small adjustment for DRP and buybacks), add after tax earnings for 3 months of a conservative say 11c and NTA is ~ $1.61 right now.
Management have to do something to justify their existence, EV ~$25m on a market cap of $350m and they are making $1m profit a week = Takeover target imo
Takeover target
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Last
$1.26 |
Change
0.055(4.58%) |
Mkt cap ! $263.0M | |||
| Open | High | Low | Value | Volume |
| $1.25 | $1.28 | $1.24 | $194.6K | 154.2K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 504 | $1.25 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.26 | 3387 | 7 |
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| Last trade - 15.38pm 13/09/2024 (20 minute delay) ? |
| SVR (ASX) Chart |