Thank you for reminding me of the payroll calendar change effect, which I overlooked. At the same time, I have not considered the reduction of working days from 5 to 4, which the company announced has reversed on the 1st of July. Subtracting 0.4m (payroll) and adding 0.2-0.3m (my estimate for working days effect) leads to a normalised FCF of 0.8-0.9m per quarter, still far away from break even for such a small firm with (temporarily) subdued/no revenue growth.
XF1 Price at posting:
18.5¢ Sentiment: Hold Disclosure: Held
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