To me, the QAN chart points to a story of long term value...

To me, the QAN chart points to a story of long term value destruction. Which is true, through poor strategic decision making. Especially attempting to defend their domestic monopoly through maintaining price level rather keeping market share - monopoly economics 101 LITERALLY says they should have lowered their prices! (for example, see slide 19 of the first link that comes up for a google search of "monopoly economics 101"). But that's for a different discussion.

I really wish I could understand a bit better the competitive dynamics behind the non-diagnostic, non-therapeutic medical equipment industry though... It's probably mostly GDP linked and pretty sensitive to changing demographics but I'm not adding any value to this thread by stating the obvious. "Of the Aged Care sector there are c180K beds in Australia and the number of beds needs to double over the next 5-10 years to accommodate for an ageing population."

I'm paying extra attention to your comment on management joewolf. I like that you're still positive on their capabilities, but have you taken a step back lately and analysed them critically on their results?

Given 6 major tenders coming up in the next 18 months (Bendigo, Sunshine Coast, Dubbo, Bega, Sydney Adventist, Royal Adelaide) and a 5% historic average win rate, they could realistically churn through the pipeline with zero wins and need to rely on acquisitions to fund revenue growth. Which would mean more capital raisings. So trusting management have the ability to raise equity without bending over to brokers is important.

One other thought - given their prominence in VIC I would have thought they would be pretty targeted on winning Bendigo..? Does anybody know when that goes to tender? Given how far in advance the pipeline is communicated, I'd expect they have a specific winning strategy.. I'd be keen to hear it