Yep...the H1 result will be a full 50% better than the FY result...

Yep...the H1 result will be a full 50% better than the FY result for FY20. July/August were soft and the tailwinds (closed borders, more road travel and FX) almost certain to carry through for H2. Reconciling the previous update and this one- clearly a big inventory build, presumably in anticipation of significant demand. In fact, given that the economy is only now getting back into things, I fully expect carryover for a lot longer than a half.

I'm thinking an NPATA for FY21 of ~20m is highly likely to be deliverable, placing this on a prospective multiple of just 5. That would support dividends of ~10cps maintaining a 50% payout ratio.

Absolutely crazy the way the market is pricing growth/value right now, particularly in light of the extremely strong results by numerous old school value stocks that are being reported right now (better than tech, with regards to profitability at least). I've taken advantage of insane prices to decrease my growth exposure to only 20% now....just in case the madness persists for another few years.

my opinion only, DYOR etc