The other big part of the reason for the SP going nowhere for three years is because the SP got way ahead of itself in what was a spectacular SP rise from 2010 to 2013.
Underlying net profit in 2012 was $1.4M and in 2013 it was $2.8M, while market cap at the end of 2013 was $331M! That's a PE of around 120. So it's not really surprising that the SP has gone nowhere while the market waits for earnings to catch up. In fact it's pretty impressive it has managed to more or less maintain that share price.
Market cap is now $500M and they are forecasting an underlying NPAT of around $25M which is still a fairly high PE of around 20.
As long as earnings keep rising faster than market cap due to equity raisings, PE and div yield should reach a sustainable level after which the SP should resume its trend upwards.
Short position, page-3
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