Not much movement on WLL over the past year, but I thought FY result was stronger than I'd expected and the commentary suggested things could hold up.
Good cash position. Tightly held/controlled company, but seems willing to share the rewards with other shareholders, as yield 16.5cps or 7.5% plus franking.
It's not clear what impact the buy-out of the JV will have - as I read it, given that it was carried out at end of year, the balance sheet went from equity accounted to consolidated, but the revenue/profit was not recognised other than dividends due/received. I am guessing the JV business must be dwindling or winding up given the small amount that appears to have been paid.
However, overall, the directors seem pretty positive about the business. Will be interesting to hear outlook at agm time.
WLL Price at posting:
$2.20 Sentiment: Buy Disclosure: Held
