Enjoyed reading your analysis, Access. Thanks.I have a close eye...

Enjoyed reading your analysis, Access. Thanks.

I have a close eye on this stock also. I think the couple of items I would add are:
- The company has c. $10m cash on hand, thus its EV is currently about $15m. Agree with NPAT for FY21 landing somewhere around $4m - $7m, giving a ratio 2 - 4 x, sitting comfortably in undervalued territory.
- Current earnings are being driven by a blend of good sales conditions, but also, and importantly, tighter cost control. On a company trading $100m + per annum, shaving a few %ages off operating costs (sounds easy) can drastically improve earnings. Over the past 12 months, CLT has shaved over 20% off its operating cost base without impacting sales performance. Congrats to the new CEO and his team on this and I think this is the key to its turnaround.

Still a lot of mass selling though, so sitting patiently for now.