I was tempted after reading the announcement yesterday but eventually backed away because of the debt levels. Looks cheap superficially on a P/E basis, but closer to fair when you do an EV assessment.
Interest coverage is poor. Provided there are no shocks to the top line the TTI will do great....but if a shock does come through I worry given the gearing.
I was also concerned about what happens now that the $18m contract with VIC is done? How much of this can be replaced my organic growth. I don't know but suspect it isn't the whole $18m.
They shouldn't be thinking about paying any dividends until they have paid off another $10m in debt.
Ann: Investor Presentation , page-3
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