One way to look at Capral's valuation : the company has now published significant (statutory) net profit for the past 4 years. During that time, the company has produced 84.2 m$ of free cash flow (after lease) to compare with an enterprise value of 114 m$ (at 9.80 $). If we add the expected free cash flow for FY 24 (22 m$), today's enterprise value is comparable to the accumulated free cash flow between 2020 and 2024.
Interesting also to note that the estimated free cash flow for FY 24 just looks average compared to the past 4 years (reminder : it corresponds to a 20 % free cash flow yield).
One reason why free cash flow is so high : the company is not paying any tax. Given its past losses, the situation may continue for some time.
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