Ann: Quarterly Activity Statement, page-4

Yup.

US$37m market cap and net cash of US$14m, so US$23m EV.

Made US$5.6m net operating cash flow past 6 months in a tough market - US$11.2m annualized.

So, stock is trading on 2x multiple.

And the operating environment is improving:

- AUS cattle herd has been rebuilding past 2-3 years which will lead to live cattle prices falling to normal levels this year (Indonesia will start competing with China again for shipping capacity)

- Company noted pickup in enquiry/activity in the South America/Turkey/ME routes

- COVID has caused logistical issues and cost increases and this will probably abate over the next few months