It is understandable why the SP hasn't moved too much.
20% increase in EBITDA from FY24 is $8.4m x 1.2 = $10.1m. So in absolute terms its not really going to be that much of an increase in profits especially once you take into account the higher interest bill from the increased level of debt. I wouldn't be surprised if NPAT is marginally higher in FY25. EPS is unlikely to show any improvement considering the new shares issued recently to fund the Candor acquisition.
With that said, there are some positive signs from the last couple of months. If the momentum can continue into FY26 then we might see the SP move in the right direction. I just think its too early to be bullish especially since EPS isn't going in the right direction yet.
Happy to hold for now in the hope they can keep the momentum going but I wouldn't be adding unless this moves below 65c.
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