Very good analysis, Andy777, particularly on analysis of cash flow and debt pay downs. Definitely a more complex (and messy?) accounting document than I usually read in investor reports.
And Farseer, thanks for your keen eyes, confirming that the Star Vegas EBITDA exceeded $60M (specifically, $62.5M). Therefore, the former owners' earn out was not a fluke due to an accounting rule of asset appreciation counted as revenue. Still, it was an unusual earn out provision, but likely because of the profit guarantee, which is also unusual.
How will the market react to the FY16 results? Probably spike up for several reasons (profits, lower debt, maiden dividend, healthy FCF, etc), but wouldn't be surprised if this sleeping dog takes longer to awaken. Even so, I am changing sentiment to "buy" (I usually post with no sentiment on the stock).
DNA Price at posting:
46.0¢ Sentiment: Buy Disclosure: Held
