Ann: MCN China Orders Additional Beam Inmarsat Terminals, page-9

Hi guys,

On fairly conservative assumptions, I think WRR could generate NPAT of $1m in FY15, placing it on roughly 5x.

Key drivers include:

>$5m of incremental sales ($4m of iridiumGo sales,$1.8m of Satphone shop) in addition to core business
Increasing sales from new regions such as Russia
AUD depreciation, with 70-75% of gross profit in USD and the majority of opex in AUD
Interest costs reduced to close to zero from $0.4m in FY14
Lower development expenditure relative to the significant investment over the last 2 years, bodes well for strong free cash generation

Does anyone else have a view on Fy15 profitability?

I think WRR is far too cheap based on its international sales, strengthened balance sheet and earnings potential with Iridium Go.