Margins will be strong for Certus. Remember these don’t have ARR so they make the cream when they sell. The team won’t provide guidance but I worked on general margins pre Zoleo to get a guide. Using that as a rough proxy and a very conservative 10% discount rate gives me +$7m - but that’s just my desktop estimate.
Per the financial report, JV expenditure is expensed above the line. At the half year I expected a better profit contribution from the JV and was told by the company the results were offset by investment in European expansion. It’s fairly logical to assume that that would have continued. We’ll get a bit more detail when the full results come out
BCC Price at posting:
27.0¢ Sentiment: None Disclosure: Held
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