OKN is worth $1 in current climate max based on EPS.
Balance sheet has $32M in borrowings.
Interest expense is $3M pa max.
Cash at 30/6/08 was $6M before dividend.
Last years payout ratio was 75%.
Same dividend or a little less will add $2M to cash
Profit comfortably covers the interest.
At 30/6/08, receives were double the payables thus the balance sheet looks OK.
It looks OK.
margin flush...money to be made..., page-14
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