Well written. A very balanced summary. I would just add the tax...

Well written. A very balanced summary. I would just add the tax credit is $4.2m (current assets) + $5.7m (non-current assets). Dusk is unlike other retailers as this will unwind in Dusks favour. Its a secret weapon up there sleeve and is why the cashflow statement doesnt match the P&L for tax. Sneaky but brilliant as they work on instalments. This is $10m at the stroke of a pen to boost EPS and REAL cash earnings. They have over provisioned tax! Finally the $16m franking credits is very real. Any takeover of Dusk the acquirer would get a $16m franking credit which is worth 26 cents a share ALONE. Investment Banks put Franking credits into the EV when calculating what the equity contribution would need to be if a party takes out the company.