We were at these levels ~mid 2020 when the business with ~25% of current sales was still managing to generate NPAT of ~$4-5 per annum even when FX rates had moved materially against them.
Covid was an artificially inflated period for them, but they seem to have come out of it a little bloated and less profitable (plus macro factors like FX rates and competitive pressures have not helped). I does appear that they are trying to address the issue (less discounting, closing loss making stores, this dunlop deal), but it also appears that there is a significant shareholder/s who have had their shares up for sale around the 48-51c mark with little demand to break through that volume of shares for sale.
I don't think there is any catalyst for a change anytime soon so we might be in this holding pattern for some time......although if they come out and indicate the Dunlop deal has started (1 April) and give a 1Q update, that would be helpful reminder to the market of what the business is doing
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- Ann: Appendix 4D and Half-Year Financial Report
Ann: Appendix 4D and Half-Year Financial Report, page-24
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Mkt cap ! $68.40M |
Open | High | Low | Value | Volume |
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2 | 39422 | 0.505 |
4 | 51198 | 0.500 |
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1 | 10588 | 0.485 |
Price($) | Vol. | No. |
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0.515 | 7770 | 1 |
0.525 | 68526 | 1 |
0.530 | 1300 | 1 |
0.540 | 13704 | 1 |
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