No dividend, to be sure, but that was probably baked into the share price already, ditto for the (non-cash) impairment charges. Sales continue to decline, though a bit less so on per-sqm basis, which hints at efforts to become more efficient. For me, the big positive is free cash flow of $90mn, just for the first half. It’s possible that 2H FCF won’t be as strong as the Xmas sales season falls in the first half, but let's say they generate $150mn in FCF for the full year - a prospective acquirer (Lew or whoever) has to find that attractive at the current market cap of circa $350mn,
Also like ongoing strength of online sales growth (although still small on absolute basis).
MYR Price at posting:
45.3¢ Sentiment: None Disclosure: Not Held
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