FY 18

Hi guys

Mixed feelings on today´s AR.

Good points
They are lowering their salaries. Growth is healthy. They have given us a good guidance 2019 FY (pre acquisitions), it seems that they are gonna make some good purchases next months. Leasing book looks good
IT business is a good initiative. They have many valuable data given their size. Any comment on IT plans would be welcomed
I also appreciate they are thinking long-term. They showed us an strategic plan. Becoming 20% of the market can be done within 12-24 months. First the plan, then shareholders
I am not adding, valuation EV/EBTIDA FY19 is 6-7x a fair price but I loaded at 0.10.
I had no time yet to carefully look at the BS and results. But I share my views when I do it

Red flags
Why Riverwise is still there?? Cmon, be brave, book a lose and get rid of that
They say considering using shares to pay for m&a!!!!! No more dilution! They have more than 30m to deploy. Unsless they do something big and at good price stop issuing shares!
No explanation why the buyback was halted. If its because of acquisitions then ok, but at least say the reason.
Revenue growing but EBTIDA margins decreasing is never a good new. I understand that EBITDA can be short-term punished because of acquisitions, IT, integrating everything into their system, expanding the leasing book etc… But EBTIDA must improve in the mid-term once scale and plan are working
The IR could be better. I sent them a mail 3 months ago, still waiting for the answers. I also sent them a mail on February; answered late April… Answers were very good.