Valuable points as always thanks saintex. Not sure how you calculated the EV though.
At $3.84 I have EV at c$148m (mcap $185.4m - net cash (refer 3C) $37.6m).
Operating cashflow - lease expenses $20.5m, but adjusting for increase in payables (receivables flat) $6m gives owner earnings of $14.5m
So a 10x multiple, which still looks fantastic value given the growth profile.
Ann: FND FY24 Results Presentation, page-14
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