$7m EBITDA guided, strip out ongoing capex, financing and normalised tax and there's pretty much nothing left. Margins are weak and so the effect of revenue growth is muted. The hardware is not replaced that regularly, after the initial surge from the NBN/M2M demand will subside imo. Also, they have low pricing power - big customers, undifferentiated product.
$7m EBITDA guided, strip out ongoing capex, financing and...
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