Target Price lifted to 16c, page-38

Guys
we have 3 substantial shareholders
a high conviction manager
IMC
and Spheria who are specialist small cap managers
no doubt they like us want a return on investment . I am confident we can get to a situation were both return of capital and securing medium term growth can be achieved.

I know I sound like a broken record - but as of end of June cash should be 50-55 m AUD . The next FY free cash flow should be on current oil price and production profile 60-65m . The ywar after should be similar also

the point I think that people miss is HZN has spent the last few years paying down a largish debt. The transformation from substantial net debt to substantial net cash over last 4 years should not be underestimated. I think if one tracks the EV and plots the last 4-4 -5 years, one will be able to see what I see. It’s the cheapest is been on an EV vs EBITDA basis for as long as I can remember.

no doubt it’s DCF is at least double current SP. I think better TSR will be achieved by a combination of paying dividends and investing for growth. If you tell the market you are simply return cash flow to shareholders - many won’t be interested