This report is as I expected. The business is in a steady decline, including the outlook. It you take the mid-point of FY19 guidance, it's trading at PE 10. This is quite generous, IMO. So it's hard to see any/much upside from current valuation.
About the only thing the business has going for it at the moment is its strong cash flow. It also has a tight registry with the top 9 holders owning over 86% of the company.
ISD Price at posting:
81.0¢ Sentiment: None Disclosure: Not Held
