Anyone have an idea on what kind of steady state can be applied for 25? The bulk of these earnings were generated in the first half (excluding the valuation uplift in stock - why would they do this by the way? why not just let it sit at cost and only book profits after they have sold the pearls??? like why pay tax earlier and distort the earnings?)They generated $5.86m EBITDA for the second half vs $16.74 in the first. Cash went backwards over this time (funding the dividend I would assume). If we annualise the second half EBITDA it trades 3.7 EV/EBITDA, which is still cheap but not stupidly cheap. I still think there is value here, but what is a realistic forecast for 25?
ATP Price at posting:
14.5¢ Sentiment: Hold Disclosure: Held
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