I have been on from the start and it is fair to say the MacBank fair raped this on the float. Hats off to them though as it was an opportunistic gutting in a very different financial environment and replaced a load of cash with a load of debt - the private equity and instos MO. Also didn't help that Kipp took a load of shares off the table just prior to it hitting 5c (50c post consol)
Only by averaging down have I managed to get slightly ahead. Pre consolidation and the highly dilutive capital raisings the equivalent float price is now appox.$6. Fair value? - on current forward PE probably around $5.50. If they can extract some more wins I see upside to maybe $6-7. I belive this is a well run outfit with a lot of the crap now behind it.
BLY Price at posting:
$4.28 Sentiment: Hold Disclosure: Held
