Ann: Quarterly Update & Appendix 4C, page-5

The MD is still buying.
Not sure about your calculations but 400K cashflow over 4 quarters is 1.6M and assuming that is all profit then a PE of 30 gives a market cap of 48m which is multiples of the current share price.

I am a bit more conservative and think that profit could be approx 400K annually and growing at 30% yoy, which would justify a PE of 30 which gives you the 12m above (not sure if that’s what you meant).

Only real risk is the unwinding of the prepayments- but positive operating cashflow whilst this is unwinding (as seen in these 4cs) suggests that the underlying business is profitable and that the liability on the balance sheet is essentially non-cash.

I think this is pretty good value at these prices and expect a rerate over the next half. Agree with permabear that 40c is very achievable in the next half.