I'll answer my previous post:What was annualised FCF in FY24?...

I'll answer my previous post:

What was annualised FCF in FY24?



OpCF $19.3m
Maintenance Capex (~$7m)
Half year FCF $12.3m
Annualised FY24 FCF (note we are annualising a weaker 1H) $24.6m

What is maintenance capex?
$5m was not "London" buildings but land and buildings. Land is not maintenance capex. Outlay for land was $2.95m. I'm counting ~$2m ($5m minus $2.95m) as maintenance.
I'm counting $3m of P&E as maintenance
I'm counting $2m out of the $8.5m of the fleet additions as maintenance
I'm not counting $3.7m, as that is future growth, not maintenance.




What was FCF in FY23?

OpCF $59.3m
PP&E at FY23 is lower than FY24, so to maintain a smaller fixed asset base, maintenance capex would be lower.
FCF using maintenance capex (not one-off capex) in FY23 could have been ~$44m

What is the FCF yield?

The market cap is ~$162m
The FCF yield is between 15% and 27% per annum.

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Some of you are complaining that you want "consolidation" and a focus on the organic business.
If you think operations need tidying up, you are saying FCF could be EVEN HIGHER.
Fantastic if FCF yield could be 30% to 40%!
A stock trading at FCF yield of 15% to 27% is.....(pick your own adjective)

So, 1) fantastic if FCF can be higher 2) even more fantastic if they use cash flow from operations to endow profits even larger.