Well they finally got their s##t together and will list on Friday (22nd).
From what I can gather they have 25c of tangible asset backing which is a very high proportion of the issue price.
2004 EBITDA was $750k. With no debt and modest depreciation I would expect this to equate to about $500k pre tax earnings or 2.5c per share. However, my reading of the prospectus is that NVC expect to grow fairly rapidly from this base.
My bro in law used to work in this industry in Kwinana and tells me that Novacoat are well known and respected.
All in all I'm bullish about their prospects. With only 11m shares tradeable they might be bid up by those wanting a decent parcel.
I suppose negatives would be light volumes and perhaps a large bid/offer spread.
cosmos
NVC
novacoat holdings limited
