That $41.1m debt looks massive relative to today's $40m valuation of the company
EV is around $80m, which is about fair given a read of the HY presentation highlights that the entire business is struggling and in decline and shows no signs of abating:
- "the market is changing rapidly and challenges remain"
- "Revenue was impacted by challenging operating conditions due to a competitive Australian landscape"
- "ANZ market remains challenging"
- "challenges in North Asia"
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That $41.1m debt looks massive relative to today's $40m...
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