Found this in NAOS Feb report. Underlined the highlights and my...

Found this in NAOS Feb report. Underlined the highlights and my views below

"BSA was again the major disappointment of the reporting season, releasing a result that was in line with the previously
downgraded trading update. Looking forward we still believe that there is a clear and realistic path to restoring and achieving
fair value for our investment in BSA. Listed peer Service Stream (ASX: SSM) demonstrated at their 1H FY22 result that COVID
has had little impact on their business, and they were able to extract reasonable margins in work from clients such as NBN
Co. (which is a major BSA client). BSA reported revenue of >$210 million for 1H FY22 which in our view is of sufficient scale
to generate reasonable margins. The BSA client base now includes the likes of TPG Telecom, Telstra and Aldi to complement
NBN Co. which for many contracting businesses would be considered a tier-1 client list. Execution is key for BSA to restore
value and in our view the macro backdrop for the services that BSA provide will remain strong for at least the medium term."

NAOS believes having revenue will get margins whilst they themselves state "Execution is the Key". Higher revenues can be bigger risks too when you don't have control over your operations and costs. Somehow they seem to be getting enamored by the client list of Telstra, nbn - question is are they doing a job to value add or lowest cost provider. If its the later, it only goes south in my experience.