MLX has tax losses so do not actually pay tax (see Note 6 in the accounts). Cash flow from operations is probably the best measure of "earnings" at $11.6 million.
The unknown in this is costs after Area 5 is completed.
Assuming prices in $A up 15% and output up 30% at same costs, the cash flow could be $30 million in this current six months.
If Area 5 cost reductions more than offset wage and energy cost rises the cash flow would be higher.
Given $114 million in cash the enterprise value is only around $200 million.
As has been discussed previously whether that makes the company cheap or fair value really depends on what value the market places on the cash holding. On share market value the PE (using forward cash flow) is around 10, while on enterprise value the PE (using forward cash flow) is around 7.
MLX Price at posting:
31.5¢ Sentiment: Hold Disclosure: Held
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