I've been lurking for a while after having sold out at IPO.
1/2 yearly should be due shortly, which will give us a good idea of how they are travelling. Given the SP hasn't changed much even though they have made 2 acquisitions and a bunch of contract win announcements since May, is slightly perplexing.
Having had a look at the quarterly, revenue seems to be tracking well, albeit, costs appear a bit on the high side. I assume some of those costs are associated with the acquisitions and general restructuring of the business for life on the ASX.
That IMPEX deal looks pretty good, and possibly most pleasing is the fact that they have won multiple contacts with RIO in the last 9 months, flying in the face of the common sentiment that resources are slowing down.
I am intrigued to see what the catalyst is for a rerate in the SP, because trading on 1x rev is unrealistically low for the medium term. Either the model is broken (which it doesn't seem to be) or the market hasn't woken up just yet. Either way, interesting times ahead. I will look to re enter once I've read the 1/2 year and satisfied myself that all's good. GLTAH
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