The potential negative equity is significant because they are refinancing their debts this year. Most people understand this is significant, it gives AJX less room to negotiate.
My thoughts are that the uptick in revenues the second half happens every year. Management are saying it will be different this year, but I’ll wait for the results to see how different it is. Until then my base case is that extrapolating that trend will likely lead to poor estimates of 1H
Ann: Alexium Commercial Update, page-94
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