E-Max chnage of direction and charging, page-6

Hi Mario,

The years ahead certainly have promise.

How did you arrive at $25m NPAT in 5 years.

It seems a bit light on to me.

They are very good at margin management and should be able to make about 8 to 10% NPAT on their manufacturing revenues and their distribution to 3rd party distributors and the local distribution to dealers where they own the local distribution businesses.

The last half accounts indicate they have revenues from distribution of $3,500 per unit sold and manufacturing revenues of $1.700 per unit sold. Now they own 100% of manufacturing they will earn NPAT of circa $500 per unit sold.

Given they are currently building capacity for 300,000 units pa selling circa 50,000 units in five years time seems a bit light on.

They sold 37k units in 2022.

good times returning sometime soon.