Another solid result, $51.6m actual EBITDA over the last 12-months. Will await D&A expense in 4E, but estimating $26m on a normalised basis (ex asset sales), so actual EBIT $26m. I doubt this is peak of cycle earnings given early stages of PYBAR turnaround.
As for debt they have alluded to the "timing of drawdown of working capital facilities" for higher debt, with $31m of $40m WC facility utilised at 31/12/23 against $33m of $73m in asset financing facility. Suspect debt will be closer to $50m by June 30 based on $25m H2 EBITDA, low capex spend, no tax and no further ATO payments.
This is worth 30cps every day of the week (5x FY24 EV/EBIT).
Tiny volume trading needs to stop, page-4
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