@hankreardon, I come at it from a different angle, but the...

@hankreardon,

I come at it from a different angle, but the conclusion is the same:

Even without invoking any synergy benefits, nor any further improvement in Gross Margin, I foresee NTD generating some $23m in FCF in FY2022, the debut full-year contribution from T4U.



$23m in FCF equates to 20c per share.

Compared to an 85c share price.

So, even if the Goodyear/Cooper saga means the company does not make profits ever again after Year 7 [*], I get my equity capital recouped in a little over 4 years.

So, 2 years of "bonus" FCF. Under a worst case scenario.

Don't mind stating that, like others here I suspect, I increased my investment in NTD quite meaningfully yesterday.


[*] Extremely unlikely... I think there's a FAR better than 50% chance that it will be business as usual... and if it isn't, well then NTD have some 6.5 years to design and implement an appropriate competitive response,)