If we normalise the tax payment in Q2 to about $700,000 per quarter, the net operating cash flow is +$2.1m and Free Cashflow is about $2m for the quarter. Although the second half of the financial year is normally stronger, if we conservatively project this result - it could mean $8m of Free Cashflow for FY25. That's at least a 7% Free Cashflow yield, not adjusting for the cash balance. And all the while they are developing new products and entering additional markets. There's a lot to like fundamentally!
EZZ Price at posting:
$2.30 Sentiment: None Disclosure: Held
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