few things to consider. Yes FH18 NPAT was 7.4 million, but i...

few things to consider. Yes FH18 NPAT was 7.4 million, but i doubt they will be able to repeat it.

a big chunk of profit came from EPC ( Engineering n Procurement Contract) delivered in the first half, in other words, the profit they generate on the construction and delivery of power stations constructed on the MOM n BOO arrangement.

i was trying a few months ago to contact management and inquire on few issues, one of them being the estimated yearly profit and cash flow earned just on the delivery and sale of energy after costs to the various mines on the BOO model. Did not get an answer

this HY they haven't completed and delivered on many projects, although the future looks bright with the Newmont 62 MW Power Station to be added to the growing BOO portfolio

this 2HY18 I would be content if they achieved 4 million in NPAT bringing it to a Full profit of 11.4 million, would love to be proved wrong to the upside

Let's not forget that in the prospectus Managment predicted FY18 profit at around 7 million which they already achieved in the first half.

Now at FY18 if NPAT will be around 11 - 12 million we are on a PE multiple of around 10 at current SP

What about Debt? current assets including cash on hand around 20 million.
Current Debt around 20 million
Non current Debt around 20 million

Bottom line at 31/12/17 ZEN had a Debt of 20 million. Do i add the 20 million Debt to the MC of 117 mil To represent a clear view of 137 mil in EV (Enterprise Value).

ZEN also has around 58 million in property Plant n Equipment on their assets, ( not sure how much is invested in the BOO power stations, and how much is invested in the engineering, machinery n equipment of the construction arm of the company). That was another question i wanted an answer for

Regardless of the divisions of assets, building and owning a power station requires heavy investment
with a higher return than a normal energy seller would get due to higher costs, shorter contract and the guarantee of a constant electricity supply to the mine.

I have invested in ZEN at the HY report and looking forward to positive results.

hope for a brighter outlook for FY19 n FY20, as they are PRO'S in this growing field of Independently owned power stations and providers of electricity through the construction of best available energy mix in a given conditions