you’re right ocf weak. After changes in working capital, ocf, after all taxes legal fees etc, was +4mil for the half. Given the dire half, I think that’s pretty reasonable.
3mil spend on gaming seems a bit odd at this point in time but they obviously feel he opportunity is too good to wait on.
I don’t think they are in the perilous position that the market thought they were in. Net debt of 27mil with annualised ebitda of 26mil and an ebitda runrate of over 30mil if we are to believe that aristo is going ok ( which I think is fair to say with >1mil of ebitda in jan alone for aristo). So the leverage is v low.
the big risk/uncertainty (which to me is a tail risk) is the Cambodian lease arbitration. Once we clear that we’ll be fine. Singapore will be icing on the cake. If we assume the vendors shares are at least cancelled we are currently on an ev/ebitda of about 2
DNA Price at posting:
6.9¢ Sentiment: Buy Disclosure: Held
