When I attended the 2017 AGM I was concerned about what the future of Edna May held and Zep confidently stated that they had an expectation of holding a $100m cash balance at the conclusion of FY2018. Now we are looking at a cash position of $200m at the end of FY2020. Hartleys have been pretty good at forecasting cash in recent years and their latest analyst report shows this massive cash generation. A $0.02 dividend is also a realistic starting point later this year and it will grow quite a bit.
The strong cash generation does not include the huge upside associated with the recent acquisitions. Once FY2020 gets underway we are likely to see a big re-rating.
Ann: Ramelius H1 FY2019 Results, page-76
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