Ann: Digicel Arrangement Update and Revised Guidance, page-64

BUD HAD $20m in the bank, their cash burn is obscene, they don't have that any more. Even if they had all of it still, their EV would be around $85m. High for a company which has terminated two reseller agreements and the remaining big one still hasn't gotten moving in well over a year. 

The $20m in sales for Digicel was supposed to be over three years, not one. So a p/s of five was never "factored in". Heavan help you if it was as the real ratio is what? 20, 30, 50, more? 

Buddy Cloud is just a repackaged Azure tenancy with maybe a little IP on top. Wouldn't be at all surprised if BUD is just managing their IAAS/PAAS in which case it's a low margin MSP business. Doubt they're actually making a profit from Thor here. 

Parse is dead. Not only not generating income and seemingly unlikely to, owing to it being "forever free" BUD, or rather shareholders, are footing the bill!

That leaves Ohm. Still no case studies anyone is willing to put their name to. All quiet on the Nestlé front (btw, probably cost them as much in formal market announcement costs as that will bring in in a year}. ICE - crickets. Sasktel - crickets. Skybridge - crickets. Ingram Micro - crickets. Digicel - dead on arrival. Telstra - never left the terminal. Dicker Data - quiet, not holding out much hope. Rizon - who knows. 

Lets not forget the CEO sold 20m shares at 20c off market over a year ago now. He could deploy less than half the proceeds to buy back every last one of them at this price and still have a few million in his pocket. Yet he hasn't. 

Speaks volumes.