News: QMS QMS Media Confirms Fy19 EBITDA Guidance Of $56 Mln To $58 Mln, page-22

The allocation of their remuneration to their KMP seems interesting. I did a quick comparison to OML - QMS is a lot smaller so naturally the rem is lower, but for OML only 2 people are paid in excess of $500k, while QMS there are 3 (and the 4th KMP is paid quite generously too). This perhaps reflects a flatter structure and smaller team?

In terms of bonuses, QML performance incentives seem quite low - only 30% of total remuneration is performance related. Again, this might reflect a different type of company, which is more privately held - where the main management already holds a substantial personal shareholding, perhaps it isn't necessary to have large performance incentives as they are sufficiently incentivised by their holdings.

I'm also not sure about capital raising - since these guys just raise private debt all the time and not give shareholders much of an opportunity to participate, I expect they'll do more of the same.

I think this company is grossly undervalued, but I suspect the value in this company won't be realised until it is taken private. At which point I expect a $1.50+ offer - hopefully this year. Unfortunately we missed the industry consolidation, the effect of which is unclear to me, but hopefully positive given it reduces competition?

Meanwhile, the liquidity is too low, and as such it isn't in the ASX 300 for SMSF shareholders etc to buy into. So this thing will just be a major drag on my portfolio zzz.