After all dividends given up, we have only the remaining hampers...

After all dividends given up, we have only the remaining hampers with bite business (HWB).

As an ongoing business it gave 3.365M 1H24 so let's assume 2x for a FY = 6.73
Last balance sheet showed net assets of 68.719M but lots of it is cash and 52.8M has been used to return capital to shareholders after the sale of previous business.

68.719M - 52.8M = 15.919M of net assets (after liabilities).
Of these 5.778 are intangibles (brand name)
15.919M - 5.778M = 10.141M

So I assume we can recover around 10M on a liquidation.

Let's be super generous and substract everything non cash like...
10.141M - 1.426M(other) - 0.361 (property) -0.108 (lease)

So there's still 8.256M of cash


Current market cap is 17M but there's 8M of cash... So if you bought the whole business you would pay 9M.

What does 9M buy you?
A business that produces 2x3.365M a year... let's say 6M

So a return on total investment in 1.5 years... This is a return on equity of 66%...

Even if you assume a decline year on year of 6% like they had on net income it just doesn't make sense at current price.

Yes the business is concentrated.
Yes the business sells non-essentials and that gets hammered during a downturn, but we have been on a per capita downturn for a while already...

Thoughts?