I agree, not interested in this one at all, maybe when it drops...

I agree, not interested in this one at all, maybe when it drops to 5 cents.

The lack of revenue growth is a huge concern, including the first few months of COVID when bikes sales were booming.

Their Marketing & Advertising costs appear to be a lot lower in FY20 than a normal year as well, sort of understandable given strong demand, but not with revenue declining.

The co-naming rights for Mitchelton‑Scott BikeExchange Pro Cycling Team is also an interesting one. Great exposure, perfect brand fit, I love the partnership, but......there are some related parties between the organisations which heightens my skepticism.

The partnership appears to have been announced in August, avoiding any FY20 expense. Looking at the use of funds section of the IPO, it becomes pretty obvious that a huge chunk of the IPO funds are going to be paying for the sponsorship once the IPO cash lands!!
And even with that, I can almost guarantee they are not paying market rates knowing what the Euro teams charge in Euros.

Now getting a good deal isn't bad for BEX at all, or the unlucky BEX shareholders, it's a great asset, a great team to be involved with, but the Financials are going to look a damn sight worse when the Marketing and Advertising charges turn up in the FY21 accounts.

Will watch how this goes from the sidelines.