Ann: Full Year Results Announcement and Investor , page-4

re: Ann: Full Year Results Announcement and I... In my opinion the important facts are:

Balance sheet:
- Cash 23m
- Interest bearing debt 89m
- Net debt 66m

Shares on issue: 256m
Current price: 0.17
MCap: 44m
EV: 110m

Cashflow:
Operating cashflow: 30m
Interest 9.5m
Sustaining capex: 7.5m
Net cashflow: 13m

Everything the company has suggested has said this has been a particularly bad year in terms of contract cancellations. Even if it were to continue performing as it is currently, the debt will be paid off out of cashflow and the cashflow will increase (and the NPAT will too). If the company gets into better shape and there is actual growth, the profit will grow quite markedly. Net debt is still high, but there is plenty to cover interest. So you are in fact paying about 110m for cashflow of 13m pa, that is almost certainly going to increase over time AND buying an excellent brand.