Ann: SLC - 1H FY24 Results Presentation, page-18

There were a couple of less exciting 1H24 numbers for me in the presentation, yes, strong growth compared to comparable period (1H23), where attention has been drawn, but not so when compared against 2H23, especially given the high growth trajectory.

Underlying EBITDA 23.0 (vs 24.8 2H23)
NPATA 1.2 (vs 4.7 2H23)

The SYM bid during that half, no doubt consumed significant financial and human resource in 1H24,

Looked for some answers in the Directors' Report, but the major one-offs regarding M&A activity have been allowed for in the underlying EBITDA:
"The Group reported statutory Earnings before interest,impairment expense, foreign exchange gains / (losses), tax,depreciation and amortisation (EBITDA) of $16.5m ascompared to $10.0m in the prior corresponding period.The Group reported underlying EBITDA of $23.0m for1H24 (1H23: $12.6m) excluding non-recurring transactioncosts of $1.8m (predominantly related to the Symbioproposal), contingent and share based consideration inrelation to VostroNet acquisition of $5.6m, share basedpayment of $1m (excluding share based payment inrelation to VostroNet), restructuring costs of $0.7m andgain on remeasurement of contingent considerationliability in relation to Acurus acquisition of $2.6m."

A valuation of the Company could be updated to reflect not only the forward guidance but also the ability of SLC to capitalise from the NBN pricing change, with the results presentation stating:
"Pipeline of opportunities is strong across both Wholesale andBusiness segments. The new nbn pricing changes havecreated opportunities in the Wholesale market for Superloop,as evidenced through the landmark AGL deal." i.e. 5yr/$30m(est.)

Hats off to Mr Tyler and the Superloop team. Some interesting times ahead no doubt.

A great week for SLC investors.

Now looking forward to the full year results!