Micro cap global growth + 8.3% d/y ff

Assuming CGO repeat their 3c interim dividend, then they are on 8.3% yield + ff.

Positives:
$3m net cash on balance sheet
Trading on 5.3x LTM EBITDA
Trading on 9.1x LTM NPAT
Starting to get institutional support
Genuine exposure to global markets /growth
Outlook in North America remains strong with continued long term Fixed Price and Risk / Reward Engagements
A global services agreement has been signed with a major financial institution which should generate significant global revenues
Australian revenue now stable and high single digit growth is expected over next 12 – 18 months
Outlook "the company is cautiously optimistic about H2’14 despite the lumpy nature of Risk / Reward contracts and subdued Australian revenue"

Negatives:
AUD has not depreciated as much as expected (yet)
Investment in WIP expected in H2 impacting cash flow
Some uncertainty around European revenues
Poor price action / no interest in the stock

Could be an easy 50% + rerate (say to 7-8x trailing EBITDA, 12-14x trailing NPAT) on the back of a decent 2H
Continued global growth should see further ongoing re-rates