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clock Created with Sketch. 03/09/24
21:18
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Originally posted by Sammyjh:
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I thought the results were fairly decent and in line with expectations, however the operating cashflow was again very thin. I don't like the fact they report EBITDA that does not include the lease expenses which are a real operating cost. There is no skating around the fact that the acquired businesses (including those acquired in FY24 and those acquired part way through FY23) have not been accretive to EPS at least in FY24. It's a bit of a turnaround story at this point, and while I think they will get there in time it may be a pretty bumpy ride with at least some risk of permanent loss of capital. If I had to guess I'd say H2 25 or H1 FY26 before we see material improvement.
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Thanks Sammy. Sounds about right. I think the regulatory burden is another reason why acquisitions are easier than organic growth. Did you have any other issues with the figures as presented, if you could enlighten me?
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