compared to PLY's $201m MC, ICI's $67m MC looks unbelievably cheap, based on Q4 results copied below. interesting to note:
ICI was at +700 employees as of last month, & PLY sat at exactly 219 on 1 September 2022, according to their AGM. therefore:
- ICI's average employee salary = A$2,583/month (5,426m/700)/3
- PLY's average employee salary = A$8,071/month (5,303m/219)/3
PLY's monthly employee salary is $5,488 higher (212% !!!) than ICI's average!
- PLY's receipts were $6,796m last q verse ICI's $7,686m:
ICI's receipts were +13% higher than PLY's.
- PLY had negative operational cash flow of $3,776m verse ICI's $2,247m, making PLY's cash outflow from operations $1,529m higher than ICI's.
ICI's result was +40% better than PLY's, & ICI paid $759k in income taxes, PLY paid nothing; excluding that tax payment, ICI faired +61% better:
market appears to be mispricing ICI & acting irrationally. unfortunately, i think the CEO & management's poor communication, delayed launches without explanation etc are primarily at fault & to blame for our current SP situation, low SH sentiment:
hopefully management course corrects before more panic sets in.
i see this falling knife as a buy the dip opportunity, based on: the above fundamentals, we're still sitting on $18.145m cash & a record amount of upcoming launches are imminent; therefore, i plan to continue to average down, as i strongly believe the company's financials & future looks extremely bright & positive
