Ann: FY21 Results Investor Presentation, page-5

got plenty of ideas why....
- Revenue growth came from acquisitions...not much from organic
- Invested another $30m (intangibles) on I'm not sure what....
- Balance sheet has gone from super strong to super weak in 12 months. Net current assets horrible now, plus $30m debt from nowhere
Market cap of $500m....just not sure how it is justified. Maybe you could justify if the organic was powering on....but you would have to have a lot of belief if you invest at these prices....spending capex, buying businesses and talking up the size of the market is not enough for me.