While their revenue will be around $275m, the EBITDA will only be $15.3m (still a rise from 13.6m in the first half 07/08) but the NPAT is of a concern hence the push to catastrophic lows for shareholders today. The PE multiples are now a bit sketchy - this is why I see no other possibility than, at best, a vastly reduced FF interim dividend, particularly in the current economic climate. That being said, they certainly highlighted that the Board "anticipates" a 3.5c FF dividend - we'll know more on the 27/02, but I expect a decent reduction (I speculate it to be around 1c maybe) - again, it doesn't really matter for most I would think as the business model is very sound and I am sure, most long termers would want the company to protect their balance sheet, rather than put working capital at risk.
SSM Price at posting:
25.6¢ Sentiment: ST Buy Disclosure: Held
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