Is it still interesting ?, page-2

The question remains the same with this company : is it still interesting ?

Main elements :
- like they showed today, they continue to have a strong growth with their data center business (72 % of their work on hand),
- but the growth is also driven by the other businesses (traditional revenue increased by 26.5 % during FY 24 and by 14 % during H1 25),
- the company is achieving a high level of margin (EBITDA margin of 8.5 % during H1 25),
- it is producing a significant level of free cash flow (17 m$ just for H1 25, which is high given the enterprise value of 195 m$).
I just do not understand how the can generate 19 m$ of cash flow from operation, while their EBITDA was 10 m$ for H1 25 and they had also a large increase of their working capital.
During FY 23 and FY 24, EBITDA and cash flow from operation were almost identical.
- the company has a rather unique level of ROE (for its sector), with a ROE of around 71 % expected in FY 25.
The underlying ROE is even much higher as the company has a high level of net cash (19.6 m$) which reduces the level of ROE.