Thankyou for posting @madamswer you're a most skilled and...

Thankyou for posting @madamswer you're a most skilled and excellent analyst.
So there certaintly appears to be a few governance, libabilities are general hang-ups!!
That was my feeling when reading through a few reports and starting to piece a few things together...
"That the take-up was so poor is a bit of a statement in itself" - yup, well said.

So it's a cigar butt, I'm still weirdly draw to it, probably like a fly to one of those zapper-lights.
Revenue from $600m 2017, tracking for $1.2B - 2021.
That's impressive. 50% of the revenue is maintaince/service based - that's excellent.


The key question here is leadership, goverance, liabilities, dilution... and other liabilities not yet detailed.
How to value that all...

Maybe say revenues remain ~$1.2B normalised over a cycle.
EBIT margins ~4% normalised - again over a cycle.
FCF ~$50m apply a x12-15 multiple? I mean these are pretty serious long-term clients BHP, RIO...etc. 20+ year relationships.
Valued on FCFx = ~$600-$750m
Current 'adjusted' EV = $200 MC + 1/2 cash (rest is working capital) - $100m + $300m liabilities payble + $20m in rights
Real EV ~$420
So perhaps it's only at 70% discount to EV.
I mean, given than governance and mgt - that's probably cheap- 'fair' value.

Thoughts?