Ferret
The $10-$14mio number is not NPAT, rather EBIT.
If one allows for the interest cost of about $60mio of debt and another $20mio of convertible notes on issue at say an average of 9%, the total interest cost is going to be around $7.0mio-$7.5mio.
Management has confirmed results will be at the lower end of the forecast range, so assume $11.5mio. Take away $7.5mio interest cost and you are left with just $4.0mio
(The above numbers are obviously very "rough".)
But, just assuming the $4mio ended up being the NPAT number then that translates to an eps of about 10c - and put NLX on a pe of close to 15x.
In my view a bit expensive for a company that has consistently failed to deliver on promises for several years.
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FerretThe $10-$14mio number is not NPAT, rather EBIT.If one...
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