lol now we know why the market has been dumping SSM shares.
Even their management commentary is more fluff than honest.
When the capital raise occurred to purchase lend lease services: Lend Lease serves EBITDA $45m and the combined group was forecast to generate EBITDA of $142m. This was the financial basis of the capital raise.
Now we are being told EBITDA for the half year is only $54m. And this is excluding the additional provisions.
Remember depreciation and amortisation are more fixed. So this drop in EBITDA is going to really hit the bottom line.
No wonder management is only prepared to give a sh**ty 0.5c dividend. Lol not even a 2% annualised dividend at these crashed down share price.
Watching but not ready to buy until i see real signs of a turnaround.
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