I thought the result was good or on guidance with cash flow...

I thought the result was good or on guidance with cash flow strong.

I am only aware of TD being on the board of one other company being recently appointed to FBU. I am a recent holder but looking back i think he has done a good job with the business making the extrusion plants more efficient and being conservative with the cash flow using it to eliminate debt and strengthen the balance sheet.

This is not a grow 15% a year type business but long term i would expect growth at least similar to the overall growth of the Australian economy. The current valuation is a real curiosity I have no idea why it has been trading 15-20% under its NTA. Especially when its holding so much cash and generating more consistently.

TD mentioned they had seen some recent weakness but reaffirmed guidance so maybe the bottom end of guidance for the FY is to be expected. That leaves it on a PE of around 6.5 which would be more suited to a business struggling for profitability with a weak balance sheet or an impending liquidity issue.

On the call the CFO said they still had around 200m of tax loses so there will be no tax expense for another 5+ years.

I await the resumption of the buyback and see how they can be more aggressive with it. As i mentioned before they seem to have been targeting around 20% of traded volume previously. Maybe they can step that up a bit and still operate within the 5% rule under 7.33

I am skeptical they can return much cash via the buyback due to illiquidity. They have some CAPEX with work on Penrith plant upgrade but baring any meaningful acquisition (which is hard when they already have 40-45% of local extrusion market) a non franked dividend at the end of the year seems likely.