I certainly agree with you that the positive momentum from last...

I certainly agree with you that the positive momentum from last year has been lost... you would expect more contract wins with Alltype but yet there's been nothing announced since acquisition and even Simpec doesn't seem to have won any work in more than five months!

There's no capital raise coming IMO as they already have plenty of cash for the current operational run-rate and if they grow the order book rapidly later this year have the option of a facility that was outlined at the back of the quarterly report. I also don't think they would be taking shares at 1.35c if they thought they were going to raise cash lower!

I agree that everything would be much simpler for an investor to analyse if they hadn't done the Alltype acquisition but there are upsides as the Alltype business was vended in at 2.5c and now anyone can buy on market for less than half that valuation! The market is ignoring that Alltype/Simpec and thus WSI are profitable (forget the cash flows, they mean nothing in the short term) because there's no significant order book of contracted work secured yet for the year ahead.

The bottom line is that WSI with Simpec and Alltype is a business with net cash and a few million in net tangible equity on the balance sheet easily currently capable of delivering 50 million or more in revenue, 5 million or more in underlying EBITDA and 3 million or more in underlying NPAT... without any growth! So if the contract wins resume and the order book fills up the market will rerate this back to a fair valuation.