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Jacques le Roux's avatar

Hi Iggy. A very clear discussion of the company. Thank you.

How do you think about the downside if the consortium manage to get 75% of the vote?

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Baz's avatar

Well done on such a detailed write-up. I'm still not comfortable with the cashflow profile of Anexo. I'd disagee on your comment on the level of debt. From 2017 to 2023, the total liabilities tripled to £100m and the Cash from Operations over the same period totalled -£500k.

I get that they have a very long WC cycle as they're aggressively growing the business but at what point do shareholders get rewarded with reliable FCF. I guess the case for buying the stock will be if the Bond Turner side of the business grows big enough as this is the side of the business with better cashflows as you mentioned.

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