Absolutely. A few things in the half yearly report leap out at...

Absolutely.
A few things in the half yearly report leap out at me:

1) The strengthening of the balance sheet. Gearing reduced to just 19% from 22.4% a year ago, now at a very respectable level. And the company's borrowings are now classified as non-current liabilities rather than current liabilities, reflecting the improved terms with their lender (CBA). The repair of the balance sheet over the last 3-4 years has been nothing short of sensational, and I don't think the share price reflects this yet.

2) The growing international sales focus. In my opinion, SRH is currently a decent investment proposition on the basis of the Australian market alone. However, the company is clearly internationally competitive across a number of its products, with sales to the US, NZ, Belgium and a few bites in SE Asia (Malaysia from memory). International sales are a big topside wild card for SRH.

3) Earnings per share of 0.4c for the half year. With the share price at 15.5c, the market isn't yet factoring in much sales and profit growth.

I maintain that SRH, with
- its balance sheet in such good order
- its impressive track record over the last few years and its growth potential
- a highly capable, diverse and stable management team
is substantially undervalued at current levels. There's a lot to look forward to imo.