Not sure it was quite 10c; more like 14 or 15c, if I recall...

Not sure it was quite 10c; more like 14 or 15c, if I recall correctly. [*]
But that's all history, anyway.

The question, as always, is, "What does the fresh investment decision today look like?"

While I suspect many followers of SDI will be looking askance at the second-half reported result which prima facie, looks weak, being 9% lower at the PBT level than pcp, I tend to look at a somewhat different aspect of the business, namely the underlying free cash flow generation over time.

When I first acquired my first shares in SDI (in 2012), the company had around $12m in Net Debt; today it is sitting with $6.0m in cash and zero debt.

That improvement in financial position has come about despite the company, over that period, having invested around $18m in maintaining and expanding its operating assets and $16m on research and development of new products.
Moreover it has paid out around $13m in dividends, $7m of that in the past 2 years alone.

The source of funds for all of this stuff has been the $64m in Operating Cash Flows that have been generated organically by the company over that period.

I can see nothing in the foreseeable future that could change that pattern of financial performance continuing.

Those sort of cash flow attributes feel to me to be strongly supportive of a company value of at least $95m-odd, which is where the market values SDI today.


[*] And I don't mind saying that I have bought more shares at meaningfully higher prices than 15c over the years.