FA Snapshot, page-8

Nice work, though I'd adjust a couple of things.

On the plus side, you forgot to add back the 830K listing costs, a one off, which would lift 2nd Half 2013 NPAT to 8.6M.

On the down side I feel your assumptions about the full year profit for 2014 are a little optimistic. I'd like some explanation about the seasonality of 1st versus 2nd half earnings. Looking at it in a straight line the just reported half is 2M less than the previous half (2nd Half of 2013). We are assuming the 2nd half is always better. What causes that?

All up, you don't need to pop this on the scales to see its cheap. I hope the financials continue to stack up as time goes on, and that there's some growth. A presentation outlining the progress in purchasing more stores would be nice on that score. Wayne might advise them to present themselves better.

Patience required though. It can stay off the radar for quite a while until the broader market becomes aware, and even then, it might take more good reports before it gets re-rated.

I feel its worth being invested. Here's hoping.