So around month ago I thought 30c is the real value. We are nearly there. But the balance sheet is revealing some scary dynamics.
Equity is 580mil but take out 470mil goodwill and its 110mil. I d not put any dollar against that goodwill as God only knows whats in the mix. And actually if consumer sentiment fades then the brand image is going into negative hence revenue performance.
Now the working capital decreased from +70mil to +20mil heading into H2. Operating cash flow reduced by 30mil. These both numbers together with declining revenue and due leases are painting a disaster to happen if sales wont pick up. They are walking on a thin ice.
I really cant put a value against it. Maybe its 150mil due to the 20mil npat on pe7?? So 18c?
But again declining sales are derailing the business.
I think its game over if no one steps in with cash as there is no one at the helm who can turn this ship. No tangible action. Cutting pays by $30k is a joke.
I cant put a value against, dont know how to, someone please help to justify some number.
MYR Price at posting:
35.5¢ Sentiment: Sell Disclosure: Not Held
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