They do and don't make it easy for investors.
On the do side they provide a comprehensive summary of the key issues surrounding the business each quarter, with some assumed knowledge, and make themselves available on a call.
On the don'ts they report in US$ and expect us to do all the conversions to obtain the key metrics, enquire about things like the ESP rather than just disclose it and hide things like R&D rebate and profit on shares within PBT.
On my numbers the annualised (GM price increase for two quarters only in FY23) PBT excluding non-cash items share as R&D and share gains is running at A$6m and net cash including investments is A$5m.
This implies a sustainable EV/PBT of 2.8x - still cheap, should be at least 6.0x? No wonder they keep buying back stock.
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