Expected Quarterly Cashflow

After the release of IEC's March monthly one can estimate the cashflow - expect cash receipts from operations to be $14m (maybe up to $15m due to seasonality), cash payments from operations to be $10.5 to $11m - resulting in positive cash from operations of $3.5-4.5m. There is also the return of funds from the NBC Case of US $230k. Assume cashflow from investing activities are $100-$200k. As the Chairman mentioned in the March monthly update IEC continues to pay down debt. Assume debt repayments of $250k. Loan facilities are down to $4m.

Therefore cash available has increased from $3.3m by another $3-4m to $6.3-$7.3m.

Current market cap is circa $10m.

EBITDA is on track to be $6-$7m (now through the majority of the wet season).

At today's current share price you are buying at today's price of 1x earnings and not paying anything for future revenue streams from the substantial proven reserves. The intrinsic value for an operation expected to go to exceed 1mtpa in FY20 and on track to 2mtpa by FY22 is an enterprise value of +50m..IEC is so undervalued