Cash & debt levels
Steven mentioned very clearly last year that this is not going to be a cash generating company for many years. Every dollar they make will go straight back into growth CAPEX. They even increased their debt headroom to enable further growth investment.
Of the $21.1 million CAPEX spend, almost 70% of this was purely GROWTH CAPEX.
Results
These results are outstanding. The last guidance they released was $147m revenue (max). They have smashed this by $1.3m.
My estimated statutory NPAT of $15.3m was too conservative. With statutory NPAT of $15.7m and a PE of 10 we get a share price of 61.5 cents.
Thats a 23% increase on current share price. Hopefully the market is awake and we can get a fair valuation.
Ann: Appendix 4E - Preliminary Final Report, page-13
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