Ann: 1H FY22 Half Year Results, page-17

Agree with all sentiments on this thread The analysts get paid to dissect the numbers to death and these 1H22 numbers are not good no matter how finance tries to spin the presentation.

However, numbers aren't everything and I don't think the poor numbers are due to poor management, rather (as an analogy) an early stage rebuild with some good drafted talent The strategy looks good now, the execution looks promising.

it would surely cost at least 50% more to rebuild the network in today's funny money dollars, commodity prices and supply bottlenecks.

Lets say write-off 100m of accumulated losses for previous misdirection, and bigair overpayment?? consider rest well spent still trading around book value. Their infrastructure has value regardless of EBITA numbers. There's never a takeover premium in this game until the offer, yet there's always takeovers in their game.

Exetel was talked up from day1 but wasn't cheap and could have been a make or breaker. The fact that appears to be going reasonably well, disappointing margins aside, is a good thing. Allows company to scale and have 3 similar sized divisions in retail, business and wholesale. Never liked internet retail and ABB do it better, but at least some good lessons learned at the coal-face.

Big question, will and when will SG/HK deal complete?
Worth a 10c push to price if confirmed you would think even in a stormy market.