Dead wood, page-36

I'm with you on EBITDA.

As for cash, who knows unless we have management reports?

My speculation when the company stops telling us about their cash balance...

For tax, they've published their FY23 tax liability, but we don't know when they'll pay during FY24. The company may also be paying tax on their quarterly earnings (for example, $7m on Sep 23 quarter pre-tax earnings?).

At 30 June 23, they had negative working capital of $35.1m, or $59.2m if we add the September dividend. I think this negative position has or will unwind during the year.

I'd also expect some capex to maintain property, plant and equipment.

So the cash balance could be lower than expected.