It is a very good result. The improving GP margins and huge jump...

It is a very good result. The improving GP margins and huge jump in operation cashflows tells the story that the existing business is being better managed. All those acquisitions take time to be integrated and maybe we are starting to finally see the promised benefits of it.

There is a lot to like about the future with the tyre recycling plants to be built and other contracts such as the yokohama one added to revenue and income.

Depending on where FY25 npat lands i get fair value somewhere between 10cents and 12 cents per share and that assumes all of the Aug 2025 options are exercised and subsequent dilution we see.

The risks are;
1) execution risk. i.e. can management get the tyre recycling plants off the ground and profitable.
2) debt. there is a lot of debt on the balance sheet. it is obviously manageable with the strong cashflows/ebitda but ideally we would want to see that continue to be paid back.