BCC updated valuation. +$1 by FY23 end, page-329

Hey mate i would encourage you to reach out to Michael. He and the team are very responsive and will answer your questions where they can.

In terms of the JV, we got some great new data points on Feb 28 in the investor presentation. This was the first time the market got detailed GP numbers by segment which has been extremely useful so I think it’s a bit disingenuous for some holders to whinge about transparency when they haven’t reached out to investor relations or read the latest investor presentation.

Ideally there would be a couple more data points available but an approximate can be back solved while the rest should be clear once Europe expansion normalises.




I get many are frustrated. We lost a year due to Covid, which was outside their control but for the most part the company has done pretty well. Clearly the market performance is not in line with the financial performance but there in lies the opportunity.

$15m EV for a conservative forecast of $4m EBITDA, $2m NPAT and a materially higher cash balance as working capital unwinds. All it takes is one micro cap fund to build a position and this is 3x from here given the low liquidity. Look at the last run when Peak bought in and this went to +50c very quickly from similar levels. The same can happen again. Liquidity works both ways!

The question is why would people be selling at these levels? The key is patience and that’s required for nano caps but this space is not for everyone. Conviction is required at this end of the market. Unfortunately we lost stealth and veecat along the way but I’m sure they’ll watch from a distance and wish us well