highlights. not to bad, actually good, page-3

Very messy headline result and Rapley was a disaster- how did Rapley lose money on every $ of revenue it generated in 1H!!! The mind boggles.

But taking a close, hard look at the segmentals and 2h forecasts, I reckon the value of NOD is intact and we will get more takeover approaches in 2h. Here's the logic:

Net cash of $11.8m (as of today);
Up to $7m of rental assets for sale (to be sold in 2h);
$4.2m investment property.
We know Rapley is being wound down (to zero).
We know that all legacy contracts will be completed.

The above adds up to $23m of net cash. Current NOD market cap is $37m, so imputed value of McGrath, Halley, and Eastern States is $14m. Seems still very low to me!

I'm betting the vultures will be knocking on NOD's door again in 2h, given that NOD will be a much simpler business- ie a big pile of cash and McGrath.