The path to a 300% return

I've done some basic analysis of what return shareholders could expect if the company hits its 2021 target of $11m of EBITDA.

Assumptions include all free cash flow from here on is distributed as dividends, full tax paid at 30%, capex gradually rises each year in line with sales, terminal p/e of 16x.

The result is 1.8c per share in cumulative dividends and final share price of 13c (2021 npat of $7m). This gives a 41% return from dividends and a 284% return from share price appreciation to give a total return of 324%.

Now all management has to do is hit their targets!