I wonder if its safe to annualise the second half results? This could be trading at $34m EBITDA or $20m cash EBITDA (looks like they are hitting $17m ebitda for the second half and $10m cash EBITDA second half) on an annualised exit runrate. With a net cash balance swelling to >$100m, I mean its not the cheapest stock but will be interesting to see what sort of cap management stuff they release with the full year results. I think if we get a 30+ EBITDA guidance for 25 and any evidence that they are able to grow under this new leaner regime then a proper re-rate might begin. The endless selling is bizarre but we have seen this setup before.
BVS Price at posting:
$1.13 Sentiment: Buy Disclosure: Held
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