Good interview today of Alf on Ozbiz.At the end of the...

Good interview today of Alf on Ozbiz.

At the end of the interview, he explains, according to him, why Servcorp is different from its competitors :
- Servcorp has 12 employees for 100 offices vs 2 or 3 employees for their competitors,
- their peers do not have the geographic diversification of SRV,
- they do not have the critical mass,
- they do not understand churn (about 70 % in this industry vs 50 % only for Servcorp).

I see a couple of other reasons why Servcorp is so successful vs its competitors :
- SRV has a lower breakeven point vs their competitors,
- SRV costs are not as fixed as I thought initially (cf - 20 % for overheads in FY 20 when they decreased their capacity), not hesitating to stop existing leases and probably good ability to renegotiate with office owners when times are tough.
- SRV active management of its portfolio probably explains why they keep having a good level of occupation.