Ready to Pop, page-40

I think that's the standard Tim. EBIT thought I believe would include the Impairment.

Last year was a WIP writeoff which I think was actually to the revenue line from memory.

From the annual report it looks as though they tested the goodwill and all was ok this time. There is only about $37m goodwill total on the balance sheet. Sciacca's acquisition total was $8.75m I think and goodwill on acquisition as reported in accounts was $4.5m. So it isn't a major threat to the share price I feel. Certainly won't help but in the big scheme of things that would only be 2.6c per share. Hardly something worth having a big influence in the buy/sell picture given how cheap SHJ is currently trading.

On the other side I think it is crucial there is no more impairments / WIP write offs so confidence in management can return and to be trading on a multiple of 10-15 instead of 5-7.

I'm really happy with the result. It was a beat on NPAT and dividend. GOCF looks good. Dividend being fully franked is a big deal. EPS 11.6c per share means currently 6.46PE at 75c. Take out the impairment for next year and assuming same EBITDA then EPS should be 13.6c with no growth. Put a conservative forward PE on it of 8 and it should be $1.09 at least.

Just need a bit of time now to get that confidence back in the stock and to see growth again. Interesting they have a good $30m of bank facilities available funding for new acquistions.

What I would really like to know is who has been the big buyer lately. There should have been a new substantial holder given how much PPT has offloaded and it looks to have been consistent to another party.