I know it’s a cyclical business but an ev/ebitda of less than 2 seems a bit excessive. net cash of 34 mil at half year (despite 30mil working capital build) with big unwind in working capital expected. Net cash should be >50mil despite the 3.4mil divi.
Pretty crazy valuation. Franking credit balance getting low though down to ~8mil. Would be nice if they bought back some stock.
Ann: Profit Guidance, page-6
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