Teac is turning into a fine microcap earner on a criminally cheap valuation...
While they have had better years, that is a clean, good quality full year result, strong cashflow and debt to equity ratio down from 44% down to 15%....
As a result, the business is substantially de-risked with high net tangible assets......keeping in mind the main asset of the business is intangible---the Teac brand
Going forward, the increasing cashflow can go into higher dividends, growth or maybe an acquisition.......no reason why they can't bolt on a complementary brand and diversify a little while growing the business.
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- nice result---net debt way down
nice result---net debt way down
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