Bond International - Strong growth at a reasonable valuation

hmm.. BDI balance sheet isn't that wonderful...

Current assets are roughly equal to creditors...

i.e. although it has about £3.3m cash that is covering creditors due within one year so in my opinion isn't really net cash to be deducted from the market cap to get an enterprise value...

Also interesting that in the Capital and reserves account the total amount from the profit and loss is only £2.8m... i.e. are they saying that since coming into fruition the company has only made a total of £2.8m profits??? I know they made losses in the 03 slowdown perhaps that cancels out previous profits..

Anyway, doesn't look incredibly obvious to me as a play especially given the cyclicality...

Also let us say they make the same in H2 as they did last year that gives EPS of 7.2p... not that amazing.... given the share price of 95p... even if we bump it up to say 8p for the full-year still not incredible value given the relatively weak balance sheet....

You really have to believe the growth story over the next few years to be confident on this one in my view

Slap