Ann: 2023 Half-Year Results Presentation, page-10

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zeus1234

147 Posts.

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15/02/23

15:07

Post #: 66265655
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Originally posted by madamswer: ↑

It's an upgrade (of sorts), but off a low base.

If there is one picture that warrants discussion, it is this one:

View attachment 5062180

Expect that to undergo a very meaningful unwind in the current half (if it doesn't then some senior management heads will need to roll, because - while working capital won't ever be zero again, the company exited DH2022 with it being a good $40m higher than where it should be.

And at current interest rats, the interest bill and associated bank charges on that sloppy working capital management is probably close to $3m pa.

Which is not a totally immaterial amount in the context of around $75n of Pre-Tax Profits.

They say that to make money out of stocks requires two criteria to be met, namely a business that is:

1.) Cheap, and
2.) Inflecting

PGH has satisfied 1.) for some time, but 2.) has been elusive.

I thought 2.) would become evident with the full-year result.

Based on this result, that inflection point may have been brought forward 6 months (if not already inflecting, then at least clearly bottoming):

View attachment 5062201

Expand

i'm happy with the result. actually topped up today.

higher working capital appears to be because of increase in receivables, which is usually a good sign (momentum into the balance date) as long as aged receivables are not blowing out.

not enough info to form a view on aged receivables, but couldn't see if they have provisioned for doubtful debts.

PGH Price at posting: $1.06 Sentiment: Buy Disclosure: Held
2 Upvote

0 Great analysis

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(20min delay)
Last 79.0¢		Change 0.000(0.00%)		Mkt cap ! $271.9M

Open	High	Low	Value	Volume
76.5¢	79.0¢	76.5¢	$451	579

Buyers (Bids)

No.	Vol.	Price($)
1	718	76.5¢

Sellers (Offers)

Price($)	Vol.	No.
79.0¢	214	2

View Market Depth

No.	Vol.	Price($)
1	718	0.765
1	50000	0.760
1	1329	0.750
1	900	0.730
1	7187	0.705

Price($)	Vol.	No.
0.790	214	2
0.795	2	1
0.800	41969	4
0.840	2000	1
0.845	15960	3

Last trade - 16.10pm 15/07/2024 (20 minute delay)

PGH (ASX) Chart

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