The free cash-flow numbers appear to be based on the following:
- 2023 - Operating cash-flow $25,400,000 less $3,532,000 used for investment = $21,868,000 or 35 cents per share
- 2022 - Operating cash-flow $32,409,000 less $5,276,000 used for investment = $27,133,000 or 43 cents per share
Problem is that both figures exclude lease payments. I'd be subscribing to a new tool Anthony as that is a very basic mistake in the calculation.
Actual free cash-flow
- 2023 - $21,868,000 less $15,932,000 = $5,936,000 or 9.5 cents per share
- 2022 - $27,133,000 less $14,809,000 = $12,324,000 or 20 cents per share
Noted that tax was overpaid in 2023 FY. Reported profit in 2023 of $16,614,000 at 30% tax rate = $4,984,200 income tax. Actual tax paid of $9,045,000 in 2023 thus if we add back the over-paid $4,068,000 to the 2023 free cash-flow figure then we get a more accurate figure of $9,968,000 or 16 cents per share.
On this basis it is trading at roughly 6 times free cash-flow, which you certainly wouldn't say is expensive - if they were able to maintain this moving forward.
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