Beyond is subject to a takeover at 0.7744c per share, just under my earlier valuation that mentioned the chance of a takeover.

Makes sense since the ASX listing added no value. It was too illiquid. Happy to be a holder IRL - didn't have the patience to hold on Strawman.

FY22 numbers show a stunning turn-around.

PAT from continuing operations of $3,873k for the year. MC at recent prices is only $20M. Based on a PE of 15, the MC would be $58M and share price target 95c. Cash at bank of $8.7M would support a dividend or share buy-back but none announced.

Note, their loss-making digital marketing business, Beyond D, has been excluded as non-continuing - sold in Nov 21.

There is a lot of content owned by Beyond and they are a possible take-over target. NTA is 38c / share but that undervalues their back catalogue. Annual report is worth a read in full.

Main issue is lack of liquidity. I suspect that the directors will resume buying now that the results are out but very little on offer.

23 August 2022 - FY22 Results Guidance 

"Beyond International Ltd (ASX:BYI)) expects to report earnings before interest and tax (EBIT) in the range of $5.8m and $5.9m for the financial year ended 30 June 2022. The EBIT for the previous corresponding period was $3.4m an increase of 71% to 74%. The final FY 22 results are subject to completion of the independent audit."

This sounds great for a company with a MC of about $19M. EBIT in H1 was $2.07M so H2 is a big increase. It will be interesting to look at the rest of their numbers when the full report comes out.

I picked up some BYI IRL recently at 40c and below. Very happy to hold long term.

Note - very low liquidity in this stock but some chance that they will be taken over by a major who wants to own their content. There is also a fair chance that senior management will resume buying once results are out and the blackout period is over.