R.I.P. Hermii, page-38

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Tarvold

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19/06/21

17:10

Post #: 53943851
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Originally posted by habitmaster: ↑

Thanks, that's interesting insight.

It would be helpful if the company could provide a breakdown of revenue streams across labour hire and recruitment. High margin recruitment revenue (technology enabled) is obviously very attractive and would certainly result in a lower break-even point. All I can go off is what the company has disclosed to the market and the recent results haven't been pretty. In fact the first half results for 21 were even worse with gross margins of ~8%...

The skeptic in me thinks that one of the reasons a low margin labour hire business was bolted on was to try jupe the market into thinking that the tech had achieved product-market-fit and was delivering high margin technology revenue (cheap on an EV/rev basis!!). The margins don't lie in this regard.

Noted on the dilution from the IPO and CN issues. I guess if mgmt had conviction on the tech they would have sought to minimise dilution along the way...I wonder how much actual capital (hurt money) mgmt have invested in the business vs. sweat equity. The MD's shares are worth less than $50k and his incentive package is entirely cash bonuses (no equity)..NED fees are also pretty bloody high ($100k for Gaines and $70k for Buckingham) - quick cash grab across the board?

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The vast majority of the historical business is labour hire & from UGL so the split is pretty irrelevant.

O'Brien & Haldane are the founders, Brophy only became CEO in the current FY.

HMI Price at posting: 10.5¢ Sentiment: Buy Disclosure: Held
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R.I.P. Hermii, page-38

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