Looks like they have begun amortising Ore Explore, as D&A has risen to $10.5m from $8.8m last half.
Annualised Drilling EBITDA is now ~$38m at a 75% utilisation rate - that is <2.0X EV/EBITDA! Can't see this level falling given the cycling of rate improvements and the moderate utilisation rate.
The other thing to consider is debt - ended last year with net debt of $18m and I think they will be <$5m by June 2019.
Conservatively worth NTA ($0.37c), but upwards of $0.70c if Q219 can be replicated in 2H19 and Ore Explore has legs/value.
SWK Price at posting:
23.0¢ Sentiment: Buy Disclosure: Held
