have to say this analysis Is spot on, particularly the aggressive accounting stuff. Absolutely nailed it. I think that all leads to a lack of interest in the stock,....I think that will change in time though. To echo your thoughts I think that current CEO is a dead set gun - let’s look at the record - HK/Singapore exit at a 30% premium to book (tick), Exetel acquisition (tick), organic growth (17% this year - tick), net cash (+$47m - tick). There is a big opportunity in this stock because of the terrible big air acquisition that soured its reputation, but a significant turn around is already well in play and it’s trading at 0.7x book value. I concur....love the new CFO has decided no more working capital trickery hence the week cashflow today.....hopefully the accounts are much more straightforward going forward. When I look at this business just annualising the 2H22 performance this business will do around $35m of EBITDA (give or take) in FY23, its capex profile is $20m per annum.....it’s not being valued as a business that is now generating solid free cashflow..
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