Depends how one wants to look at it. The negatives are legacy problems and unlikely they will be repeated. This has caused negative cashflow - first for this business.
It had a cost problem FY22-23 and may need to cut deeper
New markets didnt grow in FY23 which was disappointing. Anything sub $US100m revenue for new markets is a poor result.
Lots of non legacy positives and a pathway to growth next 12-24 months.
How much legacy is factored in and how much non legacy is factored in - only the market will tell us.
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