Why SWM is worth more than $1.50 per share, page-10

@highpriced


That's exactly what I'm talking about:
- accrual and payment dates;
- prior year tax cashflows relating to tax installments relating to some other period
- net operating cash inflows
- cashflow before temporary and capital items
- tax balancing payments

Its all meaningless to shareholders. All that's relevant to shareholders is that $22m was applied to their benefit in FY23. $22m justifies a mid-20c share price.

When SWM stops the gobbledygook and applies more to the benefit of shareholders, its share price will respond accordingly. Until then, crickets.

There's always a "one off" with SWM

- tax balancing payment
- restructuring cost
- Prime integration cost
- onerous contracts cost
- one-off legal cost
- blah, blah ...

A pathetic 1.4cps to the benefit on shareholders in FY23. No dividends for 4 years. If and when that improves, so will the SP.