http://nzx-prod-s7fsd7f98s.s3-websit...739/337080.pdf
On a really, really quick look it appears:-
Net assets are 22.9m = 13 cps. At 80 cents they are saying the shares are worth 6.15 times NTA
EPS = approx 2.38 cps At 80 cents they are saying a fair forward PE = 33.6 (Higher than RYM) I am basing eps on 2 x half year net profit to 30 September 2020.
The directors seem to have taken great lengths not to disclose eps and especially underlying eps...but to be fair I haven't been prepared to invest much time in this.
Dividend yield of about 1.6%
I think somewhere around 20-25 cents based on earnings or 13 cents based on NTA is fair value. To be quite blunt about it I think the directors seem to be in fantasy land.
I am sure there's many other aspects to this but they are so far out of whack with where I see fair value I am not going to waste any more time on this.
People should note that interest bearing debt of $24.8m is higher than net assets of $22.9m. Highly leveraged, more than six times NTA and on a higher PE than RYM...thanks for the opportunity but I wouldn't touch this with a 40 foot barge pole.