The new type of contract with WMS signed in Feb 14 is the main...

The new type of contract with WMS signed in Feb 14 is the main reason for topline disappointment. although, the mgmt already warned us this would occur in Feb. everything below the top line are up though, GM, EBITDA, NPBT.

meanwhile NPAT and eps in FY14 H2 looks worse than FY13 H2 due to FY13 has tax benefits, it looks like.

Going into FY15, maybe it's worth doing the following number:

based on historical revenue as disclosed in various announcements...
CDOL adds 1.2mil rev (while over the 3 months in FY14, it already generated 354k). with a super conservative 10% ebitda margin, it adds 0.1mil ebitda
Flexi-p adds 4.2mil rev and ~1.4mil ebitda
Victoria Mercury group contract won in Apr 14 generates recurring rev per annum 0.4 - 0.55 mil, based on EBT current ebitda margin that's ~0.1mil ebitda
adding all these to FY14 7.7mil ebitda
==> 9.3mil ebitda over 46.4mil revenue

and all these give no benefits to scale and headoffice cost saving or organic growth.

post the july cap raising, 4.3mil cash added to the cash line.

based on 8x EV/EBITDA and a net debt of negative 4.3mil, EBT is worth about $5.1.

Well, that's why I just bought some the last couple of days... Somehow I just never had a close look at it, despite seeing its name on the boat fund reports again and again.... shame....

anyway, just my ten cents worth. =)