Ann: AGM - CEO's Address, page-8

Is this stock an epic short?

No net profit the last 5 years..

Finance costs going up (at 70M, or circa 20% of revenue in FY23 its hardly inconsequential), and will be higher in 24..

Depreciation costs real and epic..

Who cares about how strong the demand/AI narrative is... how do they monetize it?

They are close to capacity, and still not making NPAT.

Huge chunks of their revenue is contracted... so they can't just double prices next week..

They are growing EBITDA and revenues quickly yes, but only by endless CAPEX..

Their ROE is hugely negative at this point... They have spent well over $3,400,000,000.00 so far, to make less money every year than my local cafe.

The market is valuing this mob at over 20 times REVENUES, which is a steep steep multiple.

What am I missing?