Ann: FY19 Half Year Results Announcement Date, page-23

Sales would be shorters running a spook, look at shortman this stock has been manipulated for the last month as it is every Christmas , shorts have been running 15- 30% of total sales on some days, which is crazy. Absolute pigs trying to scare people. The only problem with this stock is it is owned by lawyers who have a god complex and don’t treat us right.  This stock should be almost $1.50.

 

A $5m write down is nothing more than saving $1.5m in Tax and about $1.5m in dividends. If there is a more undervalued company then this on the stock market show it to me.

 

At 62c Market Cap $120M

 

EPS 8c  ( Half year was 4.1c before GOODWILL write down)  13%

 

Divi 4 should be a minimum = > 6% fully franked.

 

REVENUE  $170M 

 

GROSS PROFIT $40 M  ( 33% of Market Cap)   

 

Main Asset $415 MILL of Work already Performed

 

Main Liabilities 

1)    $61M of bad debt provision on above running at 18.8% or DOUBLE its competitors and 50% loading above ACTUAL historical performance. That is at least $30M of hidden PROFIT and asset.

2)    $76 Million of TAX due if it makes the profit on the above it has provision for.

 

To repeat it carries $76m of future TAX provision from the Expected   $253M profit due for work it has already done and not got paid for.

 

Everything else is just noise and fear and big players robbing small.  Valuation should be at least $1.20 double what it is now.