Agreed with all of this. Also consider that net cash is ~$22m at the moment. EV = $164m
Even if they just repeat the $8.1m PAT for 2H (they'll do much better judging by FUAdm, FUM and staffing numbers), you'll end up at $16.3m UNPAT. 9-10x EV/FCF is basically the current pricing.
Given historical performance, that seems insane to me.
FID Price at posting:
$5.85 Sentiment: Buy Disclosure: Held
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