Mocka's 1H23 results are barely worth reporting, they are that inconsequential to bad. Looking back through the files, one could say (with the benefit of hindsight) that the initial estimated cost of Mocka at between $85m and $91m and for which I can quickly see that it is at least $94.1m, including the hasty $45m paid early in Sep 2021 to effectively get the previous Kiwi owners to 'walk the plank', was a shocking waste of valuable cash flow. It really was 'PO' money, wasn't it? What's more, whilst improvements are stated in this 1H report, they aren't much to crow about. I do think Mocka has been a huge distraction to management and a huge torpedo into the ADH overall customer appreciation/satisfaction ratings. ADH does not enjoy the 'community love' it did say 3 to 5 years ago. So, what is the future of Mocka? What does it add to ADH? On the other hand, Focus on Furniture has been a success, so for mine ADH management are locked up at 1-1 in the business acquisition stakes.
ADH Price at posting:
$2.41 Sentiment: None Disclosure: Held
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