Ann: 2022 AGM - Chairman's address, page-5

Yes, rising interest rates will have little impact as most debt is fixed rate lease finance and I assume they will pay of the floating rate bank debt (bbsy plus 2.7%) as soon as possible. They only had $7.7 million in bank debt at 30 June and just over $42 million total debt. They seem to be paying off $4 million debt a quarter at present, though some of that might be maturing lease debt.

Looking at Morgans forecasts I would guess NPAT of 3-3.5 cps in FY23, which probably allows a 2cps dividend (guidance is up to 75% of NPAT, but I assume they will pay down bank debt up front).

So a PE near 11 and yield of 5% plus. The real payoff is next year when debt should be well down, EPS should be over 4 cps and the dividend 2.5-3 cps.

Probably not much share price movement until the announce the half year profit and dividend.