Ann: Vysarn financial results 6 months to December FY2021, page-51

The question now is if we even move much when rigs are all utlised as this may be priced in to a degree? I’d say there would still be some doubt but it is hardly ground breaking news when it is just something occurring which was forecasted in the financials.

Then what’s a fair price if we are fully booked up? I’d say revenue of $36 mill possible but with costs ongoing maybe we end up with $10 mill EBITDA for 2022?

NPAT may be $4 million? Cash flow will be higher as depreciation just a tax charge but that equipment still needs constant repair, maintenance and replacement.

Add in risks of serious breakdowns causing negative months plus weather exposure and we are perhaps not seeing much upside here given basically on a PER of 10 in a high risk capital intensive industry with expansion difficult and labor intensive also.