Hi mate, under new management the business took a $2.3m loss as...

Hi mate, under new management the business took a $2.3m loss as at June 2019 and turned that into a $0.03m profit as at June 2020. By December 2020, the half yearly profit is recorded at $0.26m and from a basic "back of the envelope", are on track to record an annual profit between $0.5m and $1.0m.

Just for clarity, I'm not saying the business is great, but at its current price, I'd suggest it is factoring in no earnings growth and in my opinion reflects a good investment opportunity.

The business is profit making, has an EV of $5.1m, with $0 debt, has tax advantages from previous losses under old management, appropriate alignment between new management and shareholders, and a net cash position. Cash on the balance sheet sits at $1.9m. The ROE story, admittedly coming from a low base, is intriguing to me at this price.