Spotless did have some some baggage dragging it down, it hadnt finished falling when it was 72c, i expected it would trade in the 0.50-0.70 range for the next 6-12m.
Some things weighing it down;
- Class actions
- High debt
- Shareholder equity halved last report due to writedowns (with a prospect for negative equity)
- Revenue falling from a management strategy to give up on in single service contracts (~15% of contracts)
- Margins reducing due to increased competition
- Lack of confidence in management to meet expectations
Some of these can be resolved through the takeover, but revenue and shrinking margins wont be fixed by the buyout.
Wow - a mega disaster in the making, page-61
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