I agree. The market cap is low.Going from the half yearly 1H22...

I agree. The market cap is low.

Going from the half yearly 1H22 to 1H23 comparison: MetroMap revenues appear more costly to generate compared to the prior photomapping contract work that AMX once delivered; and even Lidar and 3D were a bit behind, but not by much.

The MetroMap program could be impacted by uncertainty with AirServices Australia staffing levels, given that the majority of AMX's MetroMap work occurs in controlled airspace. Google: AirServices staff shortages and you'll see a bunch of articles from 'The Australian' and the ABC that mention ATC delays, shortages, controller sickies, COVID burnout e.t.c.

I guess one of the long term outcomes of AirServices centralising en-route control to just Melbourne and Brisbane is that whilist it saved Airservices operating costs, it's limited the ATC recruitment pool by eliminating candidates that don't live or are unwilling to move to Melbourne or Brisbane for training.

Regular Passenger Transport flights like Qantas, Virgin, Rex e.t.c. tend to get priority when the Control Rooms are short-staffed, whilst anything else general aviation, such as training or survey flights, would be shuffled around or outright denied access to airspace altogether. Australian airspace is unique, in that the controllers can outright deny flights with almost zero repercussion. In the USA, a scenario where access to airspace was denied without good reason, might be cause for a lawsuit against the FAA.

But anyway.

In: 2-3 years. AMX need to at least find equilibrium between costs and revenues, or face raising more capital.

I personally think they've always undercharged for the services they render, and that goes for the entire mapping & survey industry.

If the SP stays this low, then I'd guess AMX might be prey for buyout or merger.