We don't need to guess the split between stay in business and growth capex as the company provides it (growth = $84m, see below). And I agree it isn't a cash machine but it is better than a 5x earnings machine. Company is guiding to 90% cash conversion for the full year and $100m of free cash flow (after all capex) so if they deliver on this that is a decent outcome in my view. It's not REA or PME but it doesn't have to be when trading on 5x earnings.
PRN Price at posting:
91.0¢ Sentiment: None Disclosure: Held
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