Agree with you.BTW I plan to keep the DDH1 shares after TO.. Too much upside ! I posted the below on DDH1 thread today. Very positive info about Q1FY22 in DDH1 AGM presentation..Utilisation 86% // 77% = +11%.. Avge rig count : 99/ 93 in 2021 = + 6.5%, Avge annual revenue/ rig : $ 3.6M// 3.1M = + 16%, Meters drilled up 7% in Q1 FY22. Was puzzled by silence on DDH1 thread but, (just like IMD) retail shareholders only represent 3% !Likely due to its recent listing DDH1 has not been spotted yet. But Its track record speaks for itself: For FY 21, Record revenue $ 295M ( 80% of revenue from recurring clients), Ebitda $ 75M and 25.3% Ebitda margin, Cash generation $ 69M. First results from Q1FY22 show steady growth on all metrics is continuing and the inclusion of Swick by early next year will provide a further boost. For some perpective, quick comparison with IMD (also in Mining Service sector albeit different scope of acitvity) for FY 2021: DDH1 // IMD Revenue: $295M // $265M 5 y Cagr: 22% // 13% Ebitda :$75M // $75M 5 y Cagr: 19% // 23.5% Ebitda margin: 25.5% // 28% Cash from operations :$ 69M // $ 57M Net Cash: $9.5M // $48M ROIC: 33% // 15.5%( ROCE) Market Cap: $400M // $1.13B From a current $ 1.2, I see DDH1 valuation at $ 1.8 as a first step (before going above $2) once investors spots this other v quiet achiever. I believe, at the latest, the market will wake up once DDH1 announces the first quartely results with Swick’s contribution.
SWK Price at posting:
36.0¢ Sentiment: Buy Disclosure: Held
