Stealth Global (SGI) seems to be another interesting WA company. Distributor of industrial products. Doing 68 % of their sales in WA.
Had a difficult history since listing 5 years ago, but strong results improvement in FY 23, with a free cash flow of 5.6 m AUD (22 % free cash flow yield), while they still have rather low margins (4.8 % EBITDA margin and less than 1 % net margin). The recurring level of free cash flow is probably lower (half of free cash flow came from the decrease of working capital, despite sales increase). The company has high targets for FY 25 (for sales and margin), so probably worth watching.
