I wouldn't mind if they sold off the Direct business too, even at a loss. It may turn a profit once we're out of the trough in market conditions, but not sure it'll return enough to justify the capital it ties up.
Also worth noting, Garry mentioned a '3.5-4cps' dividend, based on 80-100% NPAT payout ratio. At 137.4m shares (not adjusting for Buyback), that suggests $5.5m NPAT as the target (I would suggest this is 'normalised').
All else being equal, there should be $500k savings from closing down the Libertas AFSL (all ARs have been moved to Interprac now), so $6m NPAT in FY24 on an EV of $38m... with 80%+ being paid out - max 4.36cps fully franked, or 6.2cps gross - >10% yield on current SP, and not adjusting for what they dow ith cash.
SEQ Price at posting:
57.5¢ Sentiment: Buy Disclosure: Held
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