CamdenWelcome back to HC - great to have you contributing...

Camden

Welcome back to HC - great to have you contributing again.

I have lost all faith in ASZ management, they tend to over promise and under deliver - the normalised EBITDA allowing for "opportunity cost" was extraordinary and completely unacceptable.

My suspicion is that the underlying business model is not very strong hense the large spend on CAPEX via acquisitions, PPE, software and intellectual property. They don't have a competitive advantage but keep trying to purchase one.

The level of investment and return on that investment to date is simply appalling.

I can see this trading significantly lower over time hense happy to take the loss and move on. They have now placed themselves in a position that they need a very large high margin multi year contract to repair the balance sheet, without it I suspect deterioration will continue.