Ann: Appendix 4D and Financial Reports to 31 December 2022, page-2

Eclectic mix, to say the least:


  

But that in no way detracts from a very good operating performance in the form of both organic Revenue growth as well as margin expansion (a combination which is currently a rarity in the corporate world):




The question is whether this is merely cyclical, or something more enduring.

Although that question could very well be moot, because even if it is cyclical, I sense this cyclical upswing has still got some way to run.  

Mkt Cap = $77m
Cash and Liquid Investments = ~$25m

So currently paying EV =  $52m

For a business that is currently generating an EBIT run rate of ~$15mpa.

Even if one factors in the somewhat colourful history of the company, EV/EBIT of 3.5x looks and feels like an obvious mis-pricing.

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