EVO - another stock that meets my wouldnt touch with a barge pole test.

#1 risk - Assets - childcare - the value is 'generally' in the location. What, you mean you let them float the company without the underlying property assets? When the lease is up, the owner can in theory tell them to GTFO, rebadge as Poplolly Childcare and reap the benefits. Or just put up rents to eye-watering levels. Quite staggering the market is assuming this will NEVER happen.

Government subsidy - if you dont see the risk in income relying on 60%+ of government money, while at the same time declaring fabulous profits, you are pretty blinkered.

Yep there is home childcare packaged in there as well, but the big sell is the educare centres.

For the reasons above, I see Evolve as one of the riskiest stocks on the NZX, but not being priced that way.