NOD shareholders and non-shareholders should read the result report. It's all there. The business has finally been de-risked; no more horrors to come. The dragon has been slayed.
- Net cash currently $8.3m. A further $2.8m of asset sales flagged for 2H, which will lift net cash to at least $11.1m. - The rental assets are generating $1m EBITDA pa and are worth $5-$6m. - There is an option over land adjacent to Gina Reinhart's Roy Hill development. There is scope to develop a residential development or camp. - McGrath is generating $4m EBITDA p.a.
On a sum-of-parts basis, NOD is worth 10c/shr. I'm stunned there are sellers at current levels.
NOD Price at posting:
5.8¢ Sentiment: Buy Disclosure: Held
