Ann: DDH1 Preliminary 1H23 Unaudited Results, page-3

All looks good.I see that preliminary Half EBIT and EBITDA have been been provided. But I like to work with NPAT.

For FY22 EBIT was $55m. There was a finance expense of $1.6m and tax expense $17.5m and NPAT was $35.9m.

For a rough NPAT outlook for FY23 we can conservatively just double the Half EBIT of $36.7m and say year EBIT will be $73.4. Allow $2.0 finance cost and say 30% tax, that gives us an NPAT for the year of $50m.

The current market cap is $400m so that's only 8X. Given the outlook of exploration growth and more rigs deployed, I agree that the valuation is very very safe.