$8M in merger costs now $10Mwith DVR employee costs.
Used most of debt capacityto fund DVR, now net debt when have been net cash. The CEO has bet the house onDVR. No confidence the $3M in synergy savings enough to counter poorperformance of underlying business and lack of firepower to fund highlyaccretive tuck-ins.
Corporate overheads keepgrowing, looks like CEO building own version of CBA or AMP.
In 1H22 NPATwas $3,120 and 1H24 is now $2,613 – CEO “cleaned house” and made impairmentsbut NPAT number now is only $23k more than the 1h23 year we got hit with transformation,fixing past problems and cleaning house with impairments.
Revenue up by8% but corporate overheads up by 13%, expenses in the firms up 9%. What can go wrong here?
It was theshare of profits from minority equity holdings that saved the results.
Aggregatedgroup performance has 1% improvement in NPAT –so even after a number ofacquisitions management have not moved the needle. Cut through the corporate spinand this is the issue – the actual results that matter is poor. The slide decklooks great though – and lots of slides talking about transformation. The shareprice tells the real story.
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67.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $113.0M |
Open | High | Low | Value | Volume |
67.0¢ | 67.5¢ | 66.0¢ | $83.16K | 123.9K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 38463 | 67.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
67.5¢ | 33600 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
3 | 38463 | 0.670 |
1 | 2673 | 0.665 |
5 | 51193 | 0.660 |
2 | 5415 | 0.650 |
1 | 4652 | 0.645 |
Price($) | Vol. | No. |
---|---|---|
0.675 | 33600 | 2 |
0.680 | 60630 | 3 |
0.685 | 72400 | 2 |
0.690 | 100000 | 1 |
0.700 | 259400 | 3 |
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