The result was good imo. I would have liked that operating cash...

The result was good imo. I would have liked that operating cash flow to be better as earnings were not all cash ( see receivables increased by atleast 3 mill )
I'm not one to sell based on short term changes (unless I see clear evidence of deterioration) so will hold on. Valuing companies based on EV/EBITDA is what many bankers do and is often a norm in M and A's but as an investor what I am interested in is ROIC . I simply am interested in the ROIC and my EV is based on Earnings *(ROC-g) / r-g and AZV has a very good ROC .
The costs of R and D and the capex for the factory are all investments that are productive for the future. So I am happy about that.
My only concern is if the company will need a cap raising considering the cash on hand or whether they will need more cash for working cap / capex. Any one care to shed light on this?
Receivables increased so I'll be keeping an eye on that as part of working cap.
Technically , My target is higher as after a 6 month consolidation ,it has broken out , I would think 50 cents is a minimum target initially.