That $41.1m debt looks massive relative to today's $40m...

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"