Bear, please don't call it an investment thesis, just adds credence to a failed business plan. Or treat the thesis like KPI's, none have been achieved pre covid, during covid and they sure aren't going to get anywhere near them post covid. Simply take your lower costs of production for example. Not a hope in hell of achieving that. Managements will always announce a desire to lower production costs to add a dot line but any realist knows that's never on the cards.
Sooner or later everyone needs to take the veil of Covid off the program and face reality.
The company couldn't get anywhere near break even when orders and production were growing. Zero chance of them getting any closer in the current macro environment.
Cheers
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