@rusty - share your sentiments re "cash piling up and it goes on a trot". That said, it should be noted that there is a reasonable pile of debt / earn out payments that needs to be dealt with before the cash really "piles up". Indeed the largest debt facility - USD 625m - has a cash sweep mechanism which increases with earnings (refer half year accounts). Once the debt and earn-outs have been dealt with which is probably next year (assuming coal prices stay high) then the free cash will pile up like treasure in Alladin's cave. The risk on this outcome is that, and I hate saying this, is that Russia loses "too quickly" in the Ukraine and sanctions on coal / gas / oil etc are lifted.......
Assuming the coal price does not "crash" SMR may end up in a position where it can distribute all the cash generated as dividends as other coal companies WHC, CRN, NHC etc are doing.....
Best
BSP
DYOR, NFA, GLTAH, etc.
SMR Price at posting:
$2.40 Sentiment: Buy Disclosure: Held
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