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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Open | High | Low | Value | Volume |
39.5¢ | 40.0¢ | 39.5¢ | $22.04K | 55.28K |
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No. | Vol. | Price($) |
---|---|---|
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Price($) | Vol. | No. |
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40.0¢ | 19492 | 1 |
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1 | 18812 | 0.395 |
2 | 20506 | 0.390 |
2 | 14000 | 0.380 |
2 | 2005 | 0.370 |
2 | 27742 | 0.365 |
Price($) | Vol. | No. |
---|---|---|
0.400 | 19492 | 1 |
0.405 | 20800 | 1 |
0.410 | 20242 | 2 |
0.420 | 71550 | 1 |
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