Ann: H1 24 Results Investor Presentation, page-3

"$12M in cash, ~$3M+ NPAT run rate, $23M EV
Looks good value."

Certainly does look good value, now that the share price has been crunched and management has ceased blowing shareholder capital trying to build empires.

But it could look like even better value if the business was placed in "run-off-and-harvest surplus-capita" mode.

Looks like the grey line is starting to come down, but not nearly fast enough for my liking.




After today's result, if SWF's management doesn't rip out more G&A Expenses [*], someone else is going to take the company over and do it, and bank the value that is created as a result.

[*] For a small and simple business like this, what on earth requires more than $15m in G&A spending? Under different ownership $5m would most likely do the same job.