If you are talking NTA which is 24c then yes you would have difficulty seeing value. However it is not a pure labour hire company. It has a mixture of both casual and permanent full time workers and with some of the jobs on offer the choice is up to the employee. They also run a substantial repair workshop in Perth which supports offsite repairs and also offers a national component exchange program and specialised tool hire. Many of the employees have company vehicles provided as a job benefit and I would think this would be quite unusual for a pure labour hire company. I see the value in the niche services they are providing onsite, the margin and what appears to be their obvious ability to expand. Just like SaaS businesses -not every business has to hold their assets in prolific hardware - sometimes it is in the form of expertise and the ability to retain your workforce with appropriate training, careers, rewards and experiences. This appears to be what they are doing.
MAD Price at posting:
93.5¢ Sentiment: Hold Disclosure: Held
