A lot of effort there Michael2...but you have missed the absolute key to come out of this result, and one that needs to be raised with management....
Page 74 of Annual Report
The World Without Wires (WWW) acquisition contributed $1.665m before tax (on revenues of $3.052m) - good business but not sure it is sustainable.
So without WWW, the underlying Spirit business incurred a loss before tax of ~$0.6m against a profit of ~$0.83m in FY17 - a ~$1.46m negative turnaround despite higher revenue and building rollout??
Deprecation was ~$0.5m higher than FY17, so EBITDA ~$1m down?? I have no explanation.
So the stock is trading on EV/EBITDA of ~14x FY18 with WWW 55% of EBITDA. Expensive or requires underlying Spirit business to really turnaround - FAST!
ST1 Price at posting:
19.0¢ Sentiment: Sell Disclosure: Not Held
