current value, page-4

I also bought more CSE in the last week or so.

Going back to one of my previous posts and using the same logic (allowing for tax on any gain) the numbers are as follows:

106.845m shares on issue - no oppies so no further dilution.

Cash as of 30 Sep - $2.7m with estimate of $200k outflow for the current quarter to 31 Dec, say $2.6m at present

SYR shares held = 11 million

Value = 11m x $3.00 = $33.0m

Cost base $2.1m (based on ASXIOU prior post) so profit is $30.9m, therefore tax is $9.3m and net is $23.7m. Add in cash $2.6m = $26.3m

$26.3m/106.845 = 24.6 cents per share.

If you look at it on a pre-tax basis then it is 33.3 cents.

Either way it is a significant undervaluation.