Agree. Don’t have a problem with where they have invested the money but more about utilisation of the assets they have created.
Bibra Lake was meant to be the heart of this small cap but seems to be well under-utilised. Improving utilisation, and hence revenue, has to be the main focus of the team. Once they have a customer in, it is regular income and they can afford to do all sorts of things but without Bibra generating good income they will drift on and the SP will drift down.
When you compare them to Next DC , you can see the potential but there is a gulf between them when you look at their performance. I dug out one of Next DCs presentations and just looked at their focus on planned power v power built contracted capacity v capacity available for sale. They also report on facility EBITDA in terms of both $$$$ and margin %. All stuff which management and shareholders should be tracking. We can’t see any of that; the bigger question is can management?
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