52 week high, page-3

"We could see $0.75 by Xmas, hopefully"

$0.75/share would correspond to a Market Capitalisation of $150m, and Enterprise Value of $180m-odd.

Those are quite big numbers in the context of EBITDA of around $22m, and NPAT and Free Cash Flow of ~$10m, especially for a company whose business model continues to be subjected to some structural pressures.

While some non-discerning momentum chasers might still be on board if the stock price got to $0.75/share, I suspect very strongly that most self-respecting value investors - this one included - would have divested their shares well below that level.

Accordingly, my assessment is that around two-thirds of the alpha, for anyone who bought the stock at the average price over the 6 months-to-30 June 2019, has now been delivered.