I have posted Adacel Technologies guidance and results before...

I have posted Adacel Technologies guidance and results before but given the results are now out thought its a good time to revisit.

FY22 results were EBITDA of US$6.9m and PBT of US$5.2m

24-08-22 FY23 Guidance - EBITDA between US$6.7m and US$7.2m and PBT of between US$4.5m and US$5.0m

20-02-23 FY23 Guidance - EBITDA between US$4.4m and US$4.6m and PBT of between US$2.4m and US$2.6m

05-06-23 FY23 Guidance - EBITDA between US$3.0m and US$3.2m and PBT of between US$1.0m and US$1.2m

FY23 results EBITDA of US$2.9m and PBT of US$0.9m

16-08-23 FY24 Guidance - EBITDA between US$5.0m and US$5.25m and PBT of between US$3.0m and US$3.25m

Still managed to miss their PBT guidance from June by 10% of the lower end of the range. After all of the above guidance failures they come out with a really narrow guidance on FY24, why would they do this? Who would look at that and believe it to be accurate?

One other comment from the AGM in Novemeber 2022 thats starting to bug me is the below:

"Despite this strong foundation and business prospects, our market valuation continues to trade well below what we believe is fair value. Recently, the Board initiated and completed an internal analysis to determine our approximate view of fair value. The value gap is significant. We believe this gap is a consequence of being a small, mature, illiquid, sub-scale, publicly traded company in Australia with primary operations in Canada and the US."

Guess how many shares the entire board and management team have purchased since this comment?? ZERO!! And for reference the share prices closed at $0.815 on the day that this statement was made. I'm starting to think the market is right about Adacel Tech and that the leadership are wrong.

Would like to hear if anyone thinks im being a little harsh here, I have just had particular expectations based on commentary from the board/management and it seems its a continual disappointment.