Some positive words:"On 3 August 2023 the Court dismissed our...

Some positive words:

"On 3 August 2023 the Court dismissed our application to recover the full amount of the interest on the disbursement funding facility from the settlement fund, without dismissing the opportunity to make a further application in relation to our interest expense. ....We are, however, preparing further submissions in relation to the recovery of an alternative amount of interest"

"We expect to be in a position to resumepayment of dividends this financial year in accordance with our stated dividend policy, subject to the expected improved cash position."

"FY24 Outlook
Despite disappointing financial results in FY23, Shine’s underlying business, including our leading personal injury and class actions practices, remains strong, with a committed and talented team and we believe the right strategy to deliver improved results in the year ahead.Our pipeline of cases is strong. We are also confident of achieving a significant improvement in cash generation as major cases are concluded and as we implement improvements in our processes for case execution and cash collection and as we reduce costs and improve operating efficiency."

To regain the trust of small investors, management will need to deliver on the above comments.

I see at the Commsec website there are now 2 analysts covering SHJ with both "STRONG BUY" recommendations.

Personally I see this as a buy at a price of 50% to 60% of nta.

Other people doubt WIP value and nta because of the poor cash conversion the last few years.
Some valid reasons for DELAYS in cash conversion include increased staff numbers and growth in class actions which take longer to generate cash.
See above , significant improvement in operating cash flow is expected in FY24.

However I'll change my sentiment at Hotcopper to Hold due the the missed Final dividend in FY23.
Other people may have different risk tolerance to me so this stock may not be suitable for them.