"But the NPAT is barely positive at $0.4m. Given what they say...

"But the NPAT is barely positive at $0.4m. Given what they say about the 1H/2H split, I can’t see the NPAT being anything to write home about this year, even allowing for better margins."

@jamwolf,

Because the depreciation charge has been running at a level that is almost 5 times that of capex over the past few years, the investment thesis for BOL is not an "NPAT" story, but a Free Cash Flow story that reduces the EV (well, temporarily, that is, until the normal capital spending pattern cycle itself).

But, I agree with you, the share price has improved, too.

To the point where I think the majority of the out-performance has been banked already.