I have been in and out if this stock several times and it's a constant disappointment.
It's the same old story for past 6 years. The Global business is every year going to do something but never does. For a business that has the market leading global network advantages, why is it that global sales are not exploding? Either the network is not the competitive advantage that is suggested or they have a team that is incapable of selling it. It's been the same since the IPO. Global global global but nothing eventuates. A flop team is all I can think of. What else could it be?
In the mean time dilution continues apace to the CEO and Managers growing their shareholding through "performance" attribution.
The Chair amazingly is still there. The thing started at 25c and was down sub 10c within 12 months. That year CCG was the worst performing stock on the entire ASX but the Chair kept his job. How has the chair avoided responsibility? (we know it's because the board has too much voting power) but it just sends a message the board is weak. It would be a positive message to the market if they dumped the Chair. It would show the market they are genuine and serious about shareholders.
Failed promises continue ... they bought a NBN network a few years ago that turned out to be not a NBN network ... that was going to lead to amazing SME and wholesale growth but it didn't happen. Something not right there. How is SME revenue flat?
They bought into ICT like sheep but amazingly looks like that part of the business hasn't tanked.
In the mean time we have the likes of Symbio, UWL, Aussie Broadband exploding in growth over the past 6 years while CCG has stagnated on organic growth.
Today at the webinar they seem to avoid questions about growth. Why?
Great they have kept costs down but growth is better.
If they deliver a 4-5% dividend it will be something positive finally. Let's see but you would forgive shareholders for getting angry.
The most patient shareholders in the market.
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