From FY18 full year results.
Revenue: 304 mil
NPAT (stat): 38 mil
Total assets: 578 mil
Intangible assets: 122 mil
Total liabilities: 298 mil
No of shares 388 mil
Then CR 167 mil shares @ 2.54 to add 455 mil cash
Total shares post CR 555 mil
Net assets 578 + 425 - 298 = 705 mil or book value of $1.27
Book value excluding intangible assets (I don’t like including goodwill in this in general, as some companies inflate this considerably) is still $1.05.
On paper it looks financially more attractive without the DADI acquisition going through to my eyes, but from Mrs Market’s reaction last time this suffered the ACCC setback, I think the SP will respond positively to it going ahead. I guess Mrs Market tries to look forward to future earnings....
Sure this could go lower from here, and most that bought today know full well that generally speaking the bottom is not reached on the first red day. This is not always the case though, and sometimes the rebound is quick. Given the above, the discount available today, vs last week, was too great for me to not initiate a position. Time will tell what happens next.
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