Hi @plough,I try to be as objective as possible when I write on...

Hi @plough,

I try to be as objective as possible when I write on HC, and not come across as an up-ramper. I almost never write about stocks I don't hold. And the ones I do hold, I am pretty positive about (otherwise, why bother holding them!). I enjoy reading about companies I hold and occasionally sharing on HC, but I mean no disrespect to the opinion of knowledgeable long term holders like yourself who have been through the ups and downs with companies like LBL when I express a positive view. I'm a value investor, and usually a contrarian. LBL seems good value to me and I like their growth story and plans for the next 12-24 months. I'm definitely not a stock, finance or industrial manufacturing guru and have no special knowledge! My opinion is not worth much.

The quote is from the Canaccord report. I recommend requesting it from them ([email protected]). It offers some good analysis. This from the "Investor Relations" section of the LaserBond website.



They did not reply to my two e-mailed requests, hence my e-mail to LaserBond on Tuesday night.

That quote you queried *is* from their report, however Canaccord have stripped it directly from a LaserBond PDF or PPT (possibly the LBL annual report, without going back to try to find it) because I remember reading it a couple of weeks ago, when all the EOFY reporting documents came out. It sounds very positive, and I think relates to the fact revenue at Gateway was, from memory, $40m rather than just $32m for the previous half.

The counter argument is, "How on earth, in 2024, could a business do its extensive due diligence, perform a multi-million dollar take-over or purchase of an equity stake, then suddenly find the finances and/or operations are materially different to what they expected?!". I am surprised that LBL is surprised. The laser cladding surface engineering equipment is yet to be delivered, so perhaps we can expect even more out of the WA operations with more services on offer, and then a boost from 40 to 51% ownership in 2.5 years' time. Perhaps the organic growth from $32m to $40m will continue at this run rate and contribute more to overall earnings than originally expected. That was my interpretation. But again, I have to wonder how, after only six months, there can be surprises -- even positive ones. It sounds like a win, and much better than Gateway being worse than expected.