How does EBITDA of $4.4m pay debt of $26.9m?? I’d say it’s a problem now if those numbers are true
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Been yesterday at the AGM (as a proxy holder) ... and it was not for the pies and sausage rolls.
Small crowd (maybe 25 ... 30 including board, staff and a handful of independent shareholders). Short talks emphasizing the growth so far, but this has been released to the NZX anyway:
https://www.nzx.com/announcements/417883
So, no need to reiterate. My impressions: board and management humming full of enthusiasm - however either not willing or not able to tell a story around future opportunities other that there are plenty.
Plenty of quesitons around future plans and opportunities, however very little substance in response. Clear is however, they see lots of opportunities and will need lots of shareholder funds to cease them.
Talked with most board members and they all feel like real people, understanding their trade. It feels however as well a little bit like they didn't yet made the mental step from a private run company to a listed company.
Best futurelooking statements I could get out of them have been fragments like "it will be a long story" (presumably until return of shareholder funds).
Lots of enthusiasm and optimism, but what I was missing was a concise story like: Waste market in NZ is worth xxx m$, we have currently y% of that and plan to grow in z years to a market share of VV %. Expect break even in OO yearw, and this is the plan to get there.
Clearly - an industry with plenty of opportunities, and the current board has as well some capable industry insiders (coming from a small company perspective) as well as some board members with a large company perspective (but from different industries - finance, food and pharmaceutical).
Not sure though, whether they have so far people understanding the fundamental shift a company needs to undertake to move from small (some hundred staff) to big (some thousand staff).
Anyway - nice crowd and I wish them all success they can get. Hope they learn soon how to tell a great story to help the right investors to get involved.
On the way home I passed (early Friday afternoon) the WasteCo depot in Blenheim Road and wondered why their carpark was full of their trucks ... but they probably get up early and did their days work already ...
Discl: not holding and not yet sure, whether I have enough info to change that.
Thanks for that BlackPeter, always interesting to hear from someone who was actually at the meeting. I have a very small holding which I bought at 6c but have no plans, as yet, to top up.
Good work BP, good summary, very helpful post
Interesting - well, its obviously not news - all the info has been released more a month ago:
https://www.nzx.com/announcements/416225
... but I am wondering why stuff tries to sell it as "new" - slow news day or do they really need more than a month to process a quite simple NZX announcement?
https://businessdesk.co.nz/article/m...wth-of-wasteco “That’s money” haha live it
I drove past their Blenheim Road yard on Monday.
I lot of expensive vehicles sitting there idle.
Idle vehicles are not generating income.
Might be in there busy sorting rubbish Percy!