Ann: Notice of FY2021 Full Year Results and Investor Call, page-2

Whilst we wait for the report on 19th I wanted to calculate the intrinsic value based upon past reports, and hopefully adjust with future projections:

Just trying to value RBL and need to baseline the Working Capital to get to FCC. There are 2 ways for this i.e.
1. Balance sheet CA-CL (Current FY-Last FY)
2. Cash Flow statement
Whilst I have read that I should not loose sleep on this (difference in WC from BS and CF) but the gap is too big. What I am finding is a big variation so need some guidance.

Example 1.




WC= 57.42 Giving FCC = $79.84
Example 2

WC= $7.31m giving FCC = $33.35 (estimate)

Therefore based on these FCC I have the intrinsic values

1. FCC 79.84, Growth at 24% equating to SP of $3.74




2. FCC 33.35 , yet to work, and dont want to proceed until I am able to understand such a big difference in Working Capital....

Can any one suggest ideas on why such a big difference and how to treat this.!!!!!

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