Sharp price bounce doesn't fix the underlying business problem!!
Business problem is how and when does BFC get Revenue to exceed Expenses within existing Capital or is more Capital needed to achieve this end??
Share price bounce merely reflects the short term Balance Sheet change.
Check the proforma Balance Sheet offered on/in Wednesday's 4 pager.
- Current assets - cash (none), Stock & Debtors. Looks like BFC is making product and then either not selling it (saving for a rainy day) or selling it and not getting paid for it. Are sales being made at a profit??
- Plant & Equip is in at replacement cost/depreciated value but has never made a profit so market value might be a touch lower.
Suggest real value of assets ia over stated by $25-35m . If so Net assets = say $49m = Market Cap today.
Keep praying
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| BFC (ASX) Chart |
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