Ann: Aspermont upgrade to all media brands, page-2

Project horizongreat success, V5 phenomenal, 29 quarters of consecutive growth in audience sizebut declining shareholder value YoY souring. The tech stack is still 5 years behindcurrent market participants, definitive of a beautiful archaic archetype like theChamps-Élysées.

What A fantastic Christmas gift for the end of theyear a divine comedy bundled up in ASP’s inferno ascribed by the entity's preliminaryannual financial report. An increase in top-line revenue growth by AUD$519,000while the cost of sales surges AUD$1,485,000 fantastic cost-cutting optimization and areal lean model. Group gross profit shy of a million less than the previous FY at$AUD11,065,000 that is what I call a robust business, Wouldn’t the investorsinvolved say so too….. I never knew Swiss cheese smelt so good when I observedthe beautiful cascading costs of corporate and administration expenses, I dolove a good lunch and a holiday in Panama. Ending another fabulous financialyear for Aspermont topping up investor interest with yet another blockbuster result with bottom-line free cash flow coming in even worse than the year before bycirca negative AUD$685,000. While that EPS just gets better with time like afine red wine maturing with age losing just a casual -111% per share. But alasthe company is in hyperdrive with hyper-accelerated growth, yet this rocketship never quite reached the moon maybe diverted on its course as its driverstold the board to sit back and let us drive this Corvette the way we want itpurr.

Theconsolidated statement of cashflow isn’t that just like Claude Monet's work from theimpressionist era cash in the bank declines by AUD$2,590,00. An uplift inintangible assets by circa AUD$1,095,000 million to compensate for cash. Couldthese intangible assets be sold for the stipulated face value expressedI’m sure the accounting and valuation alchemists could give cogent validationon the matter if a leveraged buyout was on the cards. Amazing total current liabilities nearly wipe out total assets this is a business model I am keen to acid test…..

So, a company with a market capitalisation of AUD$19,510,000 has abook value (intrinsic value) of AUD$5,444,000 a decline of AUD$1,400,000 from the previous year. If we were to exclude intangible assets which is avalue predetermined by a specific valuation model, it is just that a model offiction not tangible and reliable. Could these predetermined values actually befetched at this price in the marketplace? If a fire sale occurred would these intangibleassets sell for a pre-determined value of AUD$ 9,219,000 I wonder? This effectivelymeans in essence the company’s balance sheet is insolvent or a stone's throw away.

Managementrestructuring may help this boat sail or maybe not…. Should we give Marco Poloa call, all we need is to travel back in time and space through a quantum timeportal.