It more than time to question the value of this company.Their...

It more than time to question the value of this company.
Their market cap has gone backwards in the last 5 years and theyve doubled their turnover.
with $63m in bank debt at say a current favourable interest rate from a number of years ago, a 2.75% increase (0.85 to 3.6%) in RBA interest rates this financial year alone, then ahx profit is going to be wiped out. They pay way too much for businesses with some showing a 8x of identifiable assets.
Their covenants are now tight and they haven't sorted out new finance because their current interest rates are favourable.
on $93m they made f all profit after tax,
they're now reporting non standard ebita numbers, at what point does a business that only acquires to grow revenue without showing prior period comparisons on same size revenue get called out?
once the auditors insist on goodwill reviews they will have a massive impairment

As a vet business, why wouldn't you sell to apiam, so long as it's for cash. Imagine if you have sold to them with shares about $1 only a few months. You'd have lost half your sale value

Not financial advise