RCL 2.47% 8.3¢ readcloud limited

News: RCL Readcloud Announces Acquisition Of Ripponlea Institute, page-7

  1. 138 Posts.
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    The Good:
    $7m in the bank
    ~$8m+ revenue
    break even EBITDA likely
    FY21organic yoy direct curriculum growth
    inorganic acquisitive growth providing cross-selling opps
    only a $40m market cap!

    The Bad:
    We were also very close to break even EBITDA last FY+
    Customer churn which wasn’t present before is now happening.
    economies of scale still not being realised (but it does feel like we’re on the cusp of that)

    The Ugly:
    VET numbers went down in consecutive reports - inconsistencies are worth keeping an eye on.
    Whether it’d be from an administrative mistake or numbers are going down it does not read well. If it’s administrative it shows a lack of acquaintance between management and our numbers. I think I’d notice if there was an additional ~$1m worth of users listed in our figures in the VET space. If it’s churn....well that’s obviously concerning but not entirely shocking since courses have a 2 year cycle but obviously not ideal. Sit and wait, I guess *shrugs shoulders*
 
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