The PBT from the half year ending 30 June 2012 to 30 June 2016...

The PBT from the half year ending 30 June 2012 to 30 June 2016 has fluctuated between $3.0m and $4.4m. The $4.4m EBIT guided for the half year ending 31 December 2016 appears to be at the upper end or just above this range. The question is whether the company is about to embark on sustained growth in profit after a few years of operational investment and increase in share price after a few years of consolidation, or whether the company will soon revert back for subsequent half years. To answer this question, we would need to ask what their normalised return on equity is and when they will revert to that level. But these are all secondary, as your question around free cash flow is probably the more important one. None of which I have answer for.