Another 12 months of 0 capital appreciation, page-20

Mixed feelings about these results. Overall I would rate them as positive. The results commentary bridges are very informative and show what’s happening to the profits from the revenue growth. They are growing fast enough to overcome the decease in the SACC segment and increasing interest costs.

These headwinds will likely abate in 2024 and revenue growth in future years will likely show greater profit growth.

Also, the $10mil NPAT doubled to get $20mil NPAT for 2024 (should actually be better than that as they are growing into 2nd half) is anywhere from 10 to 20% better than the 3 broker reports they posted recently so expect some upgrades .

With the strong fully franked Div yield I see it as worth holding for the ride. I have been holding for 3 years now and with a gross cumulative yield over 30%.
that is pretty good. Not many places to get that kind of return.