Key points from the call:
Mark Wratten said that cash conversion is likely to continue to improve (from 88% into low 90s)
Commander is expected to accelerate its decline in H1 FY19 before stabilising.
H2 will be better than H1
Targetting CAGR 15% growth in E&W
Seems like VOC is not planning to focus on consumer too much at this stage as it is not very profitable (checkout that 10% EBITDA margin!) Seems like maybe some interest in mobile.
Market is now liking the results! I'm unclear on what VOC is being judged on. To me, the result doesn't seem particularly impressive, and guidance is very mediocre, which I don't understand given they want to grow enterprise by 15%, and should be getting $s from ASC.
VOC Price at posting:
$2.56 Sentiment: Hold Disclosure: Held
