I found a really interesting research report on WTP after the...

I found a really interesting research report on WTP after the recent HY report but before the downgrade.  

You can view the PDF report here

Most interesting was the way they adjusted the net cash down dramatically to account for working capital.  They adjusted it down to something less than $70M from memory (exact number is in that report).  

Before the downgrade, NPAT for FY16 was expected at $16M and they had a share price target of $1.06.  The midpoint of the updated NPAT number is $10M.  

If FY16 does come in at $10M NPAT, that will be 3 years in a row of falling NPAT.  I did not go back any farther to see what the numbers look like, so I might be missing strong previous performance, but for now I am happy to sit on the sidelines.

Sometimes I am good at catching falling knives, but on this one my first purchase was at the lowest price, and then I averaged up as things looked better.  Oh well, isn't share investing fun!