The bears view post listening to the conference call....
They mentioned they hadn't signed a "major account", I thought they had "signed" Casella, makers of YellowTail...they are pretty big!
They are focussing on "market share" (not earnings)...this is dangerous. So currently they charging customers what Australia Post charges them, making no margin....At some point they will need to charge say $35/case instead of say $25 to make a margin....how many customers will pay this after being used to $25?
Most of their revenue to date is coming from "logistics"....so this company is not a tech company but a small middle man in the logistcis chain. As a result their revenue does not deserve a "tech" multiple.
They talk about the "Market" having a high GP%...how can they say that when it doesn't even exist!
They have "sufficient capital" to reach breakeven - the latest 4C says they have 5.3 quarters of cash remaining - there is NO WAY they will breakeven in 15-months with zero gross margins.
Lots of talk about how big the industry is, but little else.
DW8 Growth, page-7095
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