Ann: Preliminary Final Report, page-5

Profit from ordinary activities for FY 24 is 5.1 m$.
Down by 12 % and lower than expected based on the final dividend they announced and their usual payout of 33 %.
The disappointment was that H2 profit from ordinary activities (before tax) is flat vs + 47 % for H1 24.

Looking at their comments, the main reason for their disappointing H2 was due to the telecom business (low margin).
Unfortunately, we do not have the details of the telecom business contribution regarding revenue and profit.

Other elements were favourable :
- as expected, there was a significant rebound of their revenues for H2 (+ 31 % yoy vs - 8 % for H1), but we do not have the breakdown between telecom and the other businesses,
- cash flow from operation and free cash flow had a significant increase of respectively 87 % and + 117 %.
All the improvement for cash flow is explained by the working capital changes.

Based on FY 24 figures and a share price of 80c, the stock has a PE 24 of 14.4 and a free cash flow yield of 9.6 % (if we look at the free cash flow of 5.5 m$, excluding the favourable impact of working capital).