I suspect that net cash might be an issue for some players. They would have had pro forma net cash of $22m after Avenue and cap raise proceeds. Currently they have $10m net cash. Inventory at the FY was 30.7, I presume (assuming everything CF neutral) inventories rising to 42.7 would seem reasonable considering the season.
That the US is responsible for moving to nearer the bottom end of guidance, I guess they can have a crack at it for a period, and then cut it if no good. Surely far more of the value is in Australia. But it does offer nice option value.
Wonder if Blundy has been in their ear about how to get the US off the ground, or alternatively he prefers they do badly and swoops in.
I bought some more, as I think the US is far less important than Aus, and personally my theory is that the business just in Australia can triple the SP, and provide good divs and a high ROE.
CCX Price at posting:
9.9¢ Sentiment: Hold Disclosure: Held
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