Assets: nta = 28.0c . franking credits per share = 8.4c .
see Note 14 ( p21 ) of Appendix 4E: expect credit loss provisions to decrease by between $6.4 to $20.5M . On base case expect a reduction of $10.5M . This would increase nta by 10.5 / 339.188 = 3.1c per share to 31.1c per share .
see Note 12 of Appendix 4E: Unrecognized Current tax losses = $48.4M worth $14.5 M . Unrecognized tax future deductions = $46.2 worth $12.8M . In FY21 the notional tax expense of $2.519 M on PBT of $8.396M was reduced to zero using tax losses and timing differences. My point - these unrecognised tax losses are worth something going foward.
Operating Cash flow = + $218.6M . Reduced borrowings by $150.6M . Reduced Lease liabilities by $9.5M . Paid dividend $24.8M . Increased cash by $$38.4M .
Somers is a 61.9% shareholder in RMC Resimac. Their man McLeland is Chairman of both TGA and RMC. Since McLeland was appointed to TMC Board in 10/2016 the share price of RMC has gone from around 40c to around $2.25 . RMC paid dividends every year McLeland was Chairman despite a heavy Capex spending ( expanding the business ?)
TGA Price at posting:
20.5¢ Sentiment: Hold Disclosure: Held
