But their financials keep getting better tho.
Between the 2020 and 2023 annual reports, net asset backing per share went up from 63.5c au$ to 81.2c au$, so a 28% increase.
Borrowings went down from 474m au$ to 397m au$ despite a 120m us$ (180m au$) acquisition.
There's no bang, but it's a nice and steady progression, eating away at the financing costs.
With enough patience, it should reach a tipping point where you can no longer ignore the money the group is making.
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