I can only find positive elements in these results. Main element is the free cash flow (after lease and excluding the positive impact of JobKeeper) : 21.2 m, which represents a free cash flow yield of 42 %. Part of it is due to the strong improvement of working capital (impact of 10.5 m), which is probably a one off. Thanks to this and jobkeeper of 12m, the company increased its net cash by 32 m in FY 20 (net cash of 49.4 m at 31/12/20), for a market cap of 100 m.
Based on company's guidance for FY 21, we can expect a free cash flow after lease of around 15 m in 2021 which will still represent a free cash flow yield of 29 %. The company remains quite optimistic for 21 thanks to an improvement of the residential market and the rebound of the industrial sector.
Of course, the other main element was that they were able to regain market share vs imports in FY 20.
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