$JSEOCE - Oceana Group: Double Bottom & Good FYE 2022 Results

Oceana just released a good set of FYE 30.09.2022 results, the salient results are
• Revenue: +12% to R8,148m (2021: R7,296m);
• Operating profit before other operating items: +11% to R1,250m;
• Profit before tax: +14% to R1,064m
• EPS: +16% to 622.9cps;
• HEPS: +17% to 626.0cps;

Cash Flow & Financial Position
• Cash Generated From Operations: (33%) R990m;
• Total CAPEX: (12%) R259m;
• Net Debt to EBITDA: 1,7x

Technically, there is also reason for optimism.
Oceana stock peaked at an all time high of R134,74 back in March 2016 and has been in a bear market since.
What is positive though is that the share, like many, had a significant bottom in March 2020 at R41,48 and chopped its way to R78,47 before retracing to R43,00.
Though premature to call it, the R41,48 and R43,00 bottoms could potentially be a double bottom pattern in the making.
I am also keeping a close eye on a potential inverse head and shoulders pattern on the right side of the double bottom scenario.

This bullish outlook will be invalidated by a break below R41,48.