Solid and still good value but I'll point out that this half is...

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    Solid and still good value but I'll point out that this half is down on last half. Revenue and NPAT are off a bit. Typical of management to compare PBT with the corresponding period of last year (up 83%) rather than the previous half (down 3%).
    Bright side is cash flow. They are using the tax losses. Tax payable on P&L $950k, tax paid in CF is $145k, deferred tax asset reduced $740k so they are turning that non-current asset into current cash at a good clip.
    All things considered, it's still a buy, just don't believe the hype.
 
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