If you look at the detailed accounts, cash balance was $83.5M at FY year end, however company had other payables and debts too. Hence it is not net cash $83.5M as you need to net off the debts.
Also, you must factor in the cash outflows from the Sunraysia and NZ corrections jobs, which is a further cash drain.
Therefore EV is not $20M.
IS DCG HEADING FOR A TAKEOVER?, page-28
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