ATP annual report.
https://cdn-api.markitdigital.com/ap...df02a206a39ff4
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ATP annual report.
https://cdn-api.markitdigital.com/ap...df02a206a39ff4
ATP's annual report made for good reading. I topped up on the back of the result.
The most interesting things to me were (i) speculating on what they will do with the free cash flow once the last of the debt is repaid this month and (ii) wondering how much the poorer quality crop which is working its way through the system will impact earnings - potentially by a lot based on the sensitivity tables included in the report.
Yes the report read really well.Balance sheet is super strong with an equity ratio of 77.34%.Incredible.
The poor quality pearls;Pearly page 14.
The Company harvested more than 629,000 pearls this financial year, its largest ever harvest year. This is a testament to the commitment of Atlas’
employees. Harvests were in line with expectations, however, pearls harvested in H2 showed a decline in quality from those pearls harvested during
H1 FY2022. The Company expects this trend to continue to the end of August as these pearls relate to a particular family cohort that will work its way
through the production cycle over the next month.
The Chairman said:.....page 5.
The quality of goods produced in the second half of the year was below that in the first half and this is thought to be related to genetic issues
of a cohort of shell that should all be harvested by the end of Q1 FY22/23.
The on going strong cash flow and positive net profit should see them under take a share buy back.
Still a lot of tax losses to be used up.
Thanks for pointing that out, although I assume there will be a few months between harvest and sale so the weakness will spill over to Q2 FY22/23. In any event, it's a manageable issue and still leaves ATP looking extremely cheap.
Given the tiny market cap and ultra-skinny liquidity, I'm not sure a share buy-back is realistic? But I agree that unfranked dividends are not in shareholders' best interests so I'd rather see at least an attempt at a buy back until they've worked their way through the tax losses.
https://hotcopper.com.au/documentemb...2F5667FiGug%3D
Double bagger.Student enrolments waay above pre covid,the future looks great.
I hope many of you are familiar with CCR - starting to surge on stunning growth, new director has bought invested almost $1.9m in on market purchases in the past week. One of the best prospects I've seen in recent years.
Takeover at 60c a share.Would have liked to have held it longer .
https://hotcopper.com.au/threads/7058848/
STL Straker translations,nice extension with IBM ,great efficiencies and automation,you can see why they extended
https://hotcopper.com.au/documentemb...Rt%2BLFiGug%3D