Will be interesting to see the results, that is for sure. The fact that the original announcement references April 30, suggests to me that this was a forced sale at probably the worst point of Covid. At least the T4U team get upside on NTD stock though!
I am not really sure what is going on here, I seem to be missing something, but the announced numbers to me indicate a pretty healthy business...This is what I've noted from the disclosed information:30/12/19:
Net cash 5.3 (17.7-12.4).
Paid out 750K (ITS) + 1.25m (dividend)=2m = 3.3m
27/5/20:
with cash on hand at 30 April of $18.4m(net cash of $6.0m) ie +2.7
30/6/20:
cash on hand at 30 June 2020 of $20.8m(net cash of $8.5m)ie +5.2
5/8/2020:
Immediately prior to the completion date,NTD had cash of $25.4m ?+9.8m (can't tell exactly)
It appears to me that the current net debt position is only -30m, and the announcement stated that May and June were profitable for T4U (the momentum evident from T4U’s profitable trading in May and June has been sustained).
There was a pretty big month on month EBITDA upgrade between May and June, and T4U almost certainly had the same (they were loss making for the year and profitable for May-June).
All up, it looks like the business could be doing well in excess of 12m FCF pa right now, giving a pretty high FCF yield in the context of the rest of the market....Again, feel like I must be missing something, but I can't figure out what!
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