Can't help thinking that this company remains significantly undervalued. Given the rate that this company is growing and the cash that will be piling up, I see no reason why it couldn't be placed on 10 times NPAT. Based on $17.5m NPAT puts the market cap at $175 and SP around 45c. They have stated that they are looking to purchase new farms which will increase pearl production. I also don't think that $100 per pearl has to be peak pearl price. Why not $150-$200? Demand is clearly outstripping supply and there's no indication that demand is slowing. One of the directors owns 110,000 shares, and hasn't sold one of them in recent years.
Still remains a strong buy for me here, so much blue sky given how profitable the company is. IMO/DYOR
ATP Price at posting:
15.5¢ Sentiment: Buy Disclosure: Held
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