Maybe you should be looking at this stock on a Pre-Amortisation Basis (ie Cash) Basis. Rather than a loss of for FY18, the profit would be $6.3m, increasing to $7.3m (with an increasing tax rate) and $9.5m in FY20. This would put in on an Adjusted PE of 8.7x in FY20 & a Yield of 5.1% Fully Franked.
VRS
Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
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