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Might be worth using this as an off-ramp W/C?

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bigdaddymoney

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16/07/24

13:24

Post #: 74774367
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Originally posted by weekend_cook: ↑

I cant share the excitement here. What this shows is how important the Infotrust acquisition was and the leverage that the Infotrust directors have. Allow me to explain:
Revenue goes from $127 to $125. The Infotrust acquisition in Feb would have contributed approx $2M EBITDA to a group that went from $5.2M (FY23) to $1.6M(FY24)... so, Infotrust stopped the EBITDA loss.
Further, the revenue from Infotrust would have contributed approx $10M to the groups FY24 revenue. That suggests underlying performance of the non-Infotrust group is circa $117M, down 8% pcp.
H1/24 cash and receivables was $15M with payables $16M. In the next few months the Infotrust vendors will be paid $3m, in two tranches.
So, we need to see a bit more detail. However:
The underlying performance of the non-Infotrust group is poor
There is probably another raise coming... or more debt (which I doubt)
I can see why Infotrust were able to get 2 directors on the board and why ST1 paid 9-10x EBITDA.

The group is sitting on a 1% EBITDA margin and heralding revenue growth in 1 division. They need to show us how this group will become cash generating. Otherwise it is small margin revenue and you cant do that for ever.

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Might be worth using this as an off-ramp W/C?

ST1 Price at posting: 5.2¢ Sentiment: Hold Disclosure: Held
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Last 5.7¢		Change 0.004(7.55%)		Mkt cap ! $105.1M

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