I’m surprised this is trading at such a massive premium to net...

I’m surprised this is trading at such a massive premium to net tangible assets/ book value per share which is approx 14.5

Any way you slice it ebits per segment losing money

Imparement are for IT- and the much heralded it program of past once capitalised now being written back- lots more goodwill still in balance sheet

Profits down everywhere

Cashflow from operations up but when you take out a tax refund for losing money- needle not moving

EBIT for franchises will fall even further next half as major north shore franchises, ending April, from what I’m hearing they didn’t want to renew and are in the process of merging with Di Jones I’m hearing - that rumour will be conformed one way or another in due course I guess

Revenue from
Sales down hard- and if you
Compare costs of sales as a percentage last half report- sales down and cogs as a percentage actually rose this report

Market outlook isn’t painted nicely- why it trades at approx85 percent premium to nta/ share is amazing considering the market conditions- dropping profits

Time will
Tell I guess

Good luck