Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-154

I agree with your response but alsi with @excitingflynn reason as to why is not super cheap. As soon as I hear a really low EV from sources (whetehr it be HC, twitter or in conversation), the first thing I do is look at the last Half or Full year financial report. Really impoprtant that current assets exceed current liabilities and in this case it does quite easily. What has also worried me about this company is management and margins that are way too tight. To only make 2.4m on 75mil of revenue is not great. If there is a bad year and contracts are not won then back to losing dollars. Take a look at MAD which makes 12.1m NPAT on 185 in rev. Much better margin.