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Date Posted: 18:29:12 02/21/03 Fri
Author: Plutocratic1
Subject: KYC generated operating cashflow of $10m in the December half.
In reply to: Keycorp 's message, "Smartcard company, Keycorp Ltd (KYC) is tipped to return to the black" on 13:18:35 02/20/03 Thu

Plutocratic1 (ID#: 403173) Quit the catfight girls! 21/2/03 9:30:52 AM 6060754
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The KYC result was in line with expectations. The comments from Thompson about the forward outlook were conservative. Neither Sunline nor Porquois attended the analyst briefing after the result came out.
Bottom line is simple girls: KYC generated operating cashflow of $10m in the December half. Forecast is for at least the same in June half, 2003 - but more likely $15m. With a market cap of $108m (your figure), the stock is trading on a cashflow multiple of 4=5 times 2002/03 cash generation (AFTER R&D writeoff of $10m). Next year the stock will generate $25-30m of cash. You geniuses can work out the multiple. As for debt, Thompson has attacked it agressively and "net debt" will be down to $20-25m from $50m 18 months ago. If they didn't generate REAL cash, how come debt fell so fast? You girls should quit petty squabbling and get rid of your prejudices.

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