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$1.17 thorn group limited

correction net Operating Cash Flow = + $209.9 M

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swc

71 Posts.

41

31/05/21

15:25

Post #: 53539261
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Originally posted by swc: ↑

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 ?)

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correction net Operating Cash Flow = + $209.9 M

TGA Price at posting: 20.5¢ Sentiment: Hold Disclosure: Held
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