Good analysis Miningnut and basically mirrors my analysis (other than Depreciation and Amortisation which I see you have pegged at $126.6m - I am working off $107m).
Which brings me to another point. I think it is equally as important to be looking at after tax cash flow per share - per your numbers, this would be ($51m + $126.6m = $177.6m / 1,196m shares =) 14.8cps. Whilst some of this has been utilised in mine development and repayment of lease liabilities, it is a meaningful figure when you consider the current share price.
Into FY24, the after tax cash flows could be as high as 25cps (depending upon commodity prices) and the after tax free cash flow (after investing and financing flows but before dividends) then could amount to circa 18cps.
I would hope that with FY23 results and FY24 guidance later this month, they also start to address the longer term picture for the business. They have 4 or so years left to use the current operational cashflows from current stated reserves to position MGX for a longer term future. Their thoughts on this really need to be elaborated and communicated, starting with the FY23 results and then in more detail at the November AGM.
MGX Price at posting:
41.0¢ Sentiment: Buy Disclosure: Held
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