Just done a first pass on this one, and on the face of it, it does look cheap. Few things I don't like: goodwill is massive and the debt is effectively secured against this, so any write down would not be good news. It is very hard to get a read on what the second half is going to look like, management really doesn't give much away - but I guess we can be thankful that there isn't massive spruiking going on. Then there is the director selling obviously, which may or may not be an indication that all is not sunshine and lollipops. But it definitely does look cheap, so I am going to Have to think on it a bit more. Good luck holders.
PSZ Price at posting:
63.0¢ Sentiment: None Disclosure: Not Held
