they said capex was increasing, mainly for product development (which they are way behind the competitors from my impression). citi also said they need increased capex to keep up with a maturing industry.
and structural issues... you must have been living under a rock. go look at what fundies and brokers like macquarie have to say. i don't believe any appen holder is not aware of the structural issues, i always thought bullish holders think those structural issues won't become a real problem and appen will continue to experience strong growth. if strong growth returns and market thinks it can be sustained for a long time, sure it's worth $20+ easy. remember it was priced as a very long duration hyper growth stock at $40, just because something drops to single digits from $40 doesn't mean it's undervalued.
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