Exactly
Perimeter security business has been relatively rangebound between 12-15m over the last 4 years excluding IMOD, and without a similar contract, it is both EBITDA and PBT negative.....a loss making business
Access Solutions was slightly better in 2020 & 21, but not sufficient to support both the loss making Perimeter Security business and a 50-60m market cap company.
The key driver for the improvement seems to have been the previous CEO and also the huge improvement in the Services/Logistics business.
As I've said multiple times, without Aura IQ (and/or a significant shift in the revenues/profitability of the existing business), I just can't see it supporting the current market cap.
If no material change in the business, then by June this should have a MC of ~20-25m after return of capital (i.e. worth ~10-13c).......sad that mgmt have squandered the opportunity they had by hoping something would change while doing nothing that is visible or value accretive from a shareholders perspective
| Segment Revenues | FY 2018 | FY 2019 | FY 2020 | FY 2021 |
|---|
| 1 | Perimeter Security | 13,015 | 12,446 | 17,739 | 19,269 |
|---|
| 2 | Access Control Solutions | 3,082 | 4,314 | 4,495 | 6,756 |
|---|
| 3 | International Valuable Logistics | 4,537 | 15,879 | 25,551 | 40,697 |
|---|
| 4 | Eliminations | -270 | -953 | -1,145 | -1,008 |
|---|
| 5 | Total | 20,364 | 31,686 | 46,640 | 65,714 |
|---|
| 6 | o/w IMOD sales (excl tax credit) | | | 4,781 | 7,754 |
|---|
| 7 | o/w IMOD sales (USDEQ) | | | 3,586 | 5,816 |
|---|
| 8 | Segment EBITDA |
|
|
|
|
|---|
| 9 | Perimeter Security | -1,705 | -2,656 | 4,270 | 5,861 |
|---|
| 10 | Access Control Solutions | -17 | -113 | 774 | 2,420 |
|---|
| 11 | International Valuable Logistics | -949 | -92 | 2,385 | 7,756 |
|---|
| 12 | Eliminations | -270 |
|
|
|
|---|
| 13 | Total | -2,941 | -2,861 | 7,429 | 16,037 |
|---|
| 14 |
|
| -1 | -57 | -41 |
|---|
| 15 | Segment Profit/Loss |
|
|
|
|
|---|
| 16 | Perimeter Security | -1,287 | -3,292 | 3,297 | 4,698 |
|---|
| 17 | Access Control Solutions | -418 | -540 | -501 | 1,974 |
|---|
| 18 | International Valuable Logistics | -1,204 | -897 | 2,146 | 7,077 |
|---|
| 19 | Eliminations | -270 |
|
|
|
|---|
| 20 | Total | -3,179 | -4,729 | 4,942 | 13,749 |
|---|
