Ann: Half Year Financial Results Announcement, page-8

Looking at H1 results annualised, the valuation is really cheap (@0.46) with EV/underlying EBITDA of 2.3 x and PE of 5.6 x.
Main reason I can find : low cash flow from operation during H1, which is not enough to cover both Capex and repayment of lease.
The company explains it by the impact of working capital which makes sense (as cash flow from operation is only 11.4 m vs 31.4 m for underlying EBITDA). Lindsay also explains that H2 cash flow from operation is historically higher.

Looking at the past 2 years, Lindsay struggles to get a positive free cash flow (after lease) on a full year basis.
Free cash flow was - 1.6 m in FY 20 and + 14.5 m in FY 21 (inflated by several elements : low Capex, benefit from jobkeeper and potential positive impact from working capital ?).