Valuation here is a little crazy. You're buying trough earnings of a company that's rather cyclical, but has built out a strong niche in WA. Sure, they lost some rev from the OZG/WIC sales, but not enough to justify this sort of pricing. At $70-80m free cash/assets (after payables) you're paying roughly 10x for what seems to be trough earnings. There's no way of knowing for sure, but outside of the 2015 mining bust, they've always made money and shown a profit.
A Mac has a reasonable holding, as do other directors/staff:
What's more, dividend history is enticing: Excluding the special, they paid 6cps at what is close to trough earnings. That's an 8% gross yield, which usually goes up during boom years.
What's more, we seem to be in need of most commodities (solar, EV, batteries, etc.), which plays very nicely to their niche market.
EZL Price at posting:
$1.03 Sentiment: Buy Disclosure: Held
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