"Had the full year result of TSI India been consolidated the pro forma result for the year would have been$40.56m revenue and EBITDA of $7.368m"
I still don't get it. Current market cap of $8.6m, only ~$1m net debt, and a consolidated revenue of $40m and EBITDA of $7m... With an expected increase of $25m revenue and $11m EBITDA following new TSI contract... What are we missing that the market is seeing?
The expectation of zero growth? Okay that's fair, but a dirt-cheap and soon-to-be profitable again company in times of potential recession looks pretty attractive to me, even if it's not very sexy.
All I can think of is a) lack of growth / VOR is just too small fry for people to care, b) the hostile takeover attempt / bod issues spooked everyone, c) they hate the divesting of the cybersecurity part of the company, or d) they're worried about losing the Dec 2022 contract (70% of TSI income at the time of acquisition).
Anyone know who the major client is? I haven't been able to find it yet.
...Or anyone have any other theories for current and future sentiment?
