EV of $41m at 18c. EBITDA is usually second half weighted. FY23...

EV of $41m at 18c.

EBITDA is usually second half weighted. FY23 was 17.6m. Probably tracking for 20m this year FY. So 2x EV/EBITDA. Another $4m of debt to be paid out this half which means that number continues to reduce.

NTA is 50% above current share price (and again will continue to rise)

Liquidity here can be problematic though. Top 20 own 80% and management 30%. That creates alignment but it also means small volume causes outsize moves. At the moment that is harmful. IF sentiment ever turns though it becomes a tailwind.

A certain poddy matched this up vs VYS yesterday and pointed out divergent performance and strategies etc etc but at the end of the day DDB made 75% of the NPAT for the half with 50% of the EV so you can argue which one has done better.

I don't see this being a quick play but I think this ends up heading towards NTA over time.