Ann: H1FY21 Results Presentation, page-16

SLC is such a tease - always promising to deliver in the near future...

30% growth in fibre is pretty solid - just coming from a low base.
But keep the momentum going, and in a few years it'd be a big number.

HK barely rates a mention. They really need to grow there.
Or atleast explain what is happening.

Slow growth in Singapore. Unfortunately revenue isn't high enough that they can afford slow growth here yet.

Cyberhound declined a little. No explanation there - but it's a small contributor.

CMS will drag on FY21 results, but will be completely gone from FY22.
Expecting SLC revenues to grow strongly in FY22 as a result.

Now, as for HBB.
Comparisons with ABB

HBB
39,000 subscribers
30% growth
$14.9m revenue
$5m gross margins


ABB
343,000 subscribers (8.8x)
31% growth (comparable)
$157.4m revenue (10.6x)
$7.3m EBITDA (1.46x)

So ABB makes a little more revenue per customer than HBB, but also spends way more.
Which makes HBB customers much more profitable.
If HBB had the same amount of customers as ABB, they'd make $44m gross margins.

Anyway, this values HBB at (using ABB comparables):
$57m based on subscribers
$47m based on revenue
$342m based on earnings