I couldn't say; I haven't delved into VOR deeply enough to form a more definitive view on that. VOR says it hopes to pay a full year div in FY23 even after using some of its FCF on "additional growth and new projects", but it's made no specific projections.
The primary reasons I've invested in VOR are:
(1) on an EBITDA basis it's hilariously cheap; and
(2) its economies of scale mean that further contract wins - of which VOR seems confident - should result in disproportionate increases in EBITDA and even wilder disproportionate increases in profitability. The Bank of India contract from March strongly proves up that thesis. Circa 2,500 new machines on top of the existing 14,000, so less than 20% more machines - but EBITDA is projected to more than double. A few more contract wins this year and VOR should be absolutely flying.
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I couldn't say; I haven't delved into VOR deeply enough to form...
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