in fact CASH-FLOW just from NORMAL OPERATIONS without any...

in fact CASH-FLOW just from NORMAL OPERATIONS without any tax-benefits or one-offs is MASSIVE! compared to last year.

LOOK AT THE CASH FLOWS from operations - thats the most important!

they paid 15% tax last year and this year 5% - - if they make similar profit next year of 16.5mill and had to pay 20% tax, theyd STILL make 13.2mill NPAT divided by 68mill shares = circa 20cents per share EPS.

So, YEP, provided that they do a repeat performance OPERATIONS WISE (which is highly likely to happen and even be better as theyre growing), EPS should be higher than 20cents per share, and this baby id DEFINATELY UNDERVALUED!

Just lookinf at cash flows from NORMAL OPERATIONS:

Receipts from customers = 186.5mill
Payments to Suppliers = 156.5

So cash flows purely from the companys operations biz is 30mill

Take away income tax of say 25% normalised = 4mill

we have circa 26mill left

Take away CAPEX (capital expenditure i.e takeovers of businesses expenditures, expansion expenditureswhich is under property plant equipment etc on cashflow statement)of 1.8mill and we have 24.2mill left

Thats a MASSIVE amount of cash-flow left = 24.2mill!

Note that they paid off 8.6mill in DEBT due to having such a mass amount of cash-flow generated from operations!

So that paying off of DEBT actually DECREASED overall profit and EPS and cash-flows

****But next year if they make the SAME profit as this year and pay 25% tax, their cash flow we worked out will be 26mill

CAPEX if its the SAME will mean 24.2mill left over.

So we'll have a profit of circa 24mill - - thats 24/70millshares= 34cents per share

the above figure includes tax 25% and includes capex 2mill and doesnt include paying off debt which affected profit and cash flow

CORRECT ME IF IM WRONG ??? Simply had they not paid off 8.6mill in debt expense, EPS wouldve been much higher. Right?

So the cash-flows of 24mill incl normalised tax means EPS of 34cents per share roughly or its really PURE CASH_FLOW per share!