That $41.1m debt looks massive relative to today's $40m valuation of the company
EV is around $80m, which is about fair given a read of the HY presentation highlights that the entire business is struggling and in decline and shows no signs of abating:
"the market is changing rapidly and challenges remain"
"Revenue was impacted by challenging operating conditions due to a competitive Australian landscape"
"ANZ market remains challenging"
"challenges in North Asia"
ISD Price at posting:
20.0¢ Sentiment: Hold Disclosure: Held
