I will try and translate
Hope you don't mind PakhamThank you for sharing this detailed account of the recent events at Tritium. It’s quite a tumultuous situation, and I appreciate your insights. Let’s break down some key points:
Board Resignations:
- The board situation at Tritium seems to have taken an unexpected turn. The company secretary chaired the meeting, which lacked formal business presentations or questions.
- A large voting bloc emerged against resolutions to re-elect Tino and appoint Nick and Jitto to the board. The reasons behind this revolt remain unclear.
- Nick Yeoh hypothesized that the succession plan (with Jitto replacing Ying Ming) might be at the heart of the issue, but this remains unconfirmed.
- The remaining board members decided to resign, a move that could have corporate implications.
- Ying Ming’s intentions are unknown, and the situation remains complex.
Operational Update:
- Tritium plans to support the company through its restructure, likely by continuing to supply them.
- A new defense product is on the horizon, and there’s an update on megawatt charging with a 200 kW rectifier in development.
CEO and Chair Distinction:
- Yanbin Wang (CEO) is not associated with Ying Ming Wang (Chair) and the recent actions.
- Despite the board resignations, the directors remain in operational roles.
Corp Act Compliance:
- With everyone stepping down except for Ying Ming Wang, the board no longer complies with the Corp Act. This situation may force a speedy resolution.
Thank you for sharing this comprehensive analysis of Tritium’s recent financial situation and performance. Let’s break down the key points:
Contracts and Deliveries:
- Tritium and i-charging have significant contracts, with 75% of Tritium’s $20 million USD order and 37% of i-charging’s $22 million order already completed.
- Approximately $19 million USD remains to be delivered, and management aims to complete it by the end of 1H24.
- At a 65c exchange rate, this translates to ~$29 million AUD from these two contracts.
Revenue and Profit Projection for 1H24:
- Considering the remaining business and non-Tritium/i-charging EV revenue, total revenue for 1H24 is estimated at ~$33 million (compared to $19 million last year).
- Applying a 23% EBITDA margin, we arrive at $7.5 million EBITDA.
- Assuming ITDA remains consistent at ~$500k per half, the profit before tax would be $7 million.
- After applying a 25% tax rate, the estimated NPAT for 1H24 is $5.25 million.
Market Cap and Earnings:
- With a current market cap of $65 million, $5 million+ earnings in the first half would make the business exceptionally cheap, especially considering its growth potential.
The Big Question: 2H24 and Beyond:
- The challenge lies in what happens after the big contracts roll off.
- Tritium’s rectifiers are integrated into customers’ products, making a shift away less likely.
- Commentary from the annual report was positive, but renewed contracts or supply agreements would provide market certainty.
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I will try and translateHope you don't mind PakhamThank you for...
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