Is my maths correct? Upside looks compelling, page-37

@tessathedog

don’t want to pollute the TNT thread, but Senetas is one to look at for a patient investor like you

downsides

1. Chairman is pretty arrogant in my opinion and doesn’t care much about investors
2. CEO is a good technical person but seems to lack ability to drive the company
3. Votiro is burning through cash like most early stage software companies, which puts Senetas in a loss each reporting period.
4. Management have a history of making useless investments and losing our hard earned money
5. If the world falls into a recession mild or otherwise, the impact on security products is unknown

positives

1. Management have little to do with running Votiro which has its own CEO and structure
2. no debt
3. Senetas’ core business is encrypted modems and they are already quantum computing ready. The core business is profitable but has been hurt over the last few years with the chip shortage. That is moderating and next year should be better.
4. Votiro appears to have a good content disarm product and ARR is growing. Probably cash flow positive next year.

so if you are looking for another cyber security company (very different to TNT), I think this is worth a look, but I wouldn’t touch it until you had read all the releases and probably the last 5 years of financial reports, so you know what you are getting into.