On the share price - May 2015 to Jan 2016 saw a very similar price drop
EBIT (excl. 'one-offs')
FY15: $8.92m
FY16: $7.34m
FY17: $15.26m
FY18: $29.29m
(Data from an aggregator, so likely some rounding errors, etc.)
You know what happened in that trough? There was a buyback, and 5 directors bought meaningful amounts:
Director purchases:
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2995-01725364-6A757508
One of the share cancellations (there were a few):
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2995-01727742-6A758448
AMac and Simpson have both bought meaningful amounts on market. I'm surprised the buyback has not kicked in yet, but other than that it's all playing out the same way.
As for the business itself - it has been a slow 18months with ECM tanking (as it does), but small cap mining IPOs/CRs seem to be increasing. I've seen 5 (Santana, 88E, PRZ, MMC, TRE) in the last few weeks. Small amounts but high fees, likely with options and advisory attached. It really feels as if it's picking up - but I could be early on that call.
(20min delay)