Ann: Investor Update FY24, page-16

Regarding the valuation, I estimate that their free cash flow may be estimated at 11.6 m$*, based a cash flow from operation of around 16 m$ (in line with EBITDA, like during H1 24) and an estimated maintenance Capex of 4 m$ (for their 12 rigs) and leases of 0.4 m$.
So, it corresponds to a free cash flow yield of 7.3 % (at 0.38 $).

That's a rather good free cash flow yield for a company which has proved its ability to stabilize its earnings during the last 2 half years, while the company expects significant growth for FY 25.

Of course, the free cash flow is much lower, if we include the growth Capex.
But there is no reason to be worried about it, given the ability so far of the company to get large returns for their growth Capex and their acquisitions.

* inflated in the short term as the company does not pay taxes thanks to carry forward tax losses.