Net Assets minus Intangibles aka Net Tangible Assets:
1H23: $24m (vs $1235m borrowings - bad ratio for loan covenants)
(I think a $41m SPP was completed here.)
(Maybe +$5m from operations too)
2H23: $70m
(+$9m from operations)
1H24: $79m
(+$17m from operations)
2H24: $96m by my estimate
This last half seems to be the biggest jump in tangible assets lately. Good for covenant safety. $96m seems to be quite significant relative to $67m market cap, and +$17m is relatively very significant (worthy of a 25% SP spike). If they can keep up this trend, it'll have to move the SP upwards. As long as there's no bad surprises (underestimating provisions, or spike in unemployment).
Ann: 4Q24 Trading Update - Growth and strong loan performance, page-15
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