Not great. One of my worst picks from 2020 but a good lesson to cut hard and cut fast as I should have done with the first miss late last year. Assuming telecommunications has bottomed rather than continuing to decline (seems unlikely) and Comdain delivers the 15% revenue increase, and that margins stay the same (and aren't trending down - particularly telco, though I think that unlikely) my estimates have FY21 EBITDA at $88m which is below most expectations I can find.
Posters here have raised very good questions about disclosures from management regarding past issues and it continues today. I may be wrong but while procurement and contracting delays from COVID have been covered in the past, particularly with respect to Comdain, I don't believe the company has made mention of 'shortages of client supplied materials' before.
I think I'm out of this one but it will be a little painful lesson to learn.
Ann: Service Stream HY2021 Results Announcement, page-10
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