"Net Cash Troy’s available cash net of total debt was $15.1 million as at 31 March 2012. This compares with $4.6 million as at 31 December 2011 an increase of $10.5 million for the quarter which is also after paying out cash dividends of $4.25 million as noted above."
What about TRY's debt?
"Debt Facility Troy has a debt facility with Investec Bank (Australia) Limited (“Investec”). The initial facility of A$35.0 million reduced to $26.25 million on 30 September 2011 and to $17.5 million on 31 March 2012. The facility has a three-year term to 31 March 2013.
As at 31 March 2012 the remaining principal balance outstanding to Investec under the facility was $17.0 million. Principal repayments made during the quarter totalled $9.0 million. Further principal repayments of $8.25 million are due within the six months to 30 September 2012."
What is quoted above is from TRY's March quarterly.
Conclusions:
TRY now only has $17.25 million in debt. TRY's cash position increased by $10.5 million in the March quarter after paying $4.25 million in dividends PLUS repaying $9 million of principal repayments from the Investec Bank (Australia) debt facility.
This means TRY's underlying positive cash flow for the quarter was an increase in cash of $10.5 million PLUS the $4.25 dividend repayments PLUS the $9 million of principal repayments to Investec Bank (Australia). Total $23.75 million. Annualised TRY's underlying positive cash flow is $95 million. This means TRY is only trading at around 4 times underlying positive cash flow!
No wonder TRY is so inexpensive imo!!
TRY Price at posting:
$4.59 Sentiment: Hold Disclosure: Held
