I remember when EML used to make PAT.......2018 & 2019....ever...

I remember when EML used to make PAT.......2018 & 2019....ever since, they have been making huge losses, but 'underlying' NPATA is improving

what also irks me is the bloody marketing gloss over what is a poor result (clearly from the share price).....yes GDV is up 209%, but is the 5 year GDV CAGR of 75% really telling you anything.....even the 5 year revenue CAGR or Gross profit CAGR it is deceptive in that it includes PFS purchase so not really a good measure

And after all of that, even underlying EBITDA was down, so at some point companies trip over their own marketing BS

I like the space they are in, and its a decent share of my portfolio, but this BS makes you think its easier to just invest in simpler companies that have mgmt not trying to add their creative nuance to things.....cashflow burn also of concern