Ann: Beam Interim Profit Result Presentation, page-3

Based on FY23 guidance of >$2M NPAT, this is already looking profitable at forward FY23 ROIC of >11.5% and good value at a forward FY23 P/E of 9.5. Yet I am invested here for the growth to come, which if it happens will greatly increase ROIC and greatly reduce P/E. Rather than P/E reducing from here, the share price is more likely to respond positively to keep P/E around the same or higher if growth is seen to be significant over the medium term.

Maiden dividends could start in FY24, based on Beam's comments that "lower capex required to fund future growth" and "as working capital unwinds, enhanced cash flows will follow".