Ann: FY22 Results Presentation, page-12

The difficulty with Superloop as an investment case is they're in very competitive markets. Retail NBN, a hodgepodge of business communications services, and a crowded wholesale space. Apart from owning their own fibre (which isn't really that unique), all there is to differentiate themselves as a company is discipline and superior execution.

This is what makes the company interesting - the current management team appears to be exactly what the company needs. It's been a house cleaning process over the past two years. Shutting down under-performing managed services, selling under-performing networks (Singapore and HK), and doubleing down on the areas that work - retail NBN and business services (Exetel acquisition) and wholesale (Superloop Connect and Acurus acquisition).

FY23 is likely the last year of cleaning house. Strategic review of the declining fixed broadband segment (BigAir acquisition) and cleaning up finance/accounting that was overly aggressive: taking too long to pay creditors, only keeping $400k for provisions on the books, rolling back of the booking if entire 2-3 year CyberHound contracts as revenue in the first year, etc.

It's interesting because that's what a management team that wants to deliver long-term, sustainable results would do. It's paying back mistakes made many years ago. Some investors will interpret it as "missing the mark", which will bring opportunities in the form of a lower share price.

One I'll be tracking with interest.

EDIT: Disclosure should be not held