RE: Spin off11 Jan 2022 16:56
Orc. I think we've booked around £45m in revenue for this year, approx 90% of capacity. 3x revenue would be £135m MCap, pretty much where we are. There are also questions over margins, although the expectation is that these will be better than last year. Without new revenue streams we'll languish here and be a target for traders, rather than investors. New Covid contracts, or increase in capacity would help. Everything else is just noise. I wouldn't pin hopes on the spin outs, as these are zero value to OO, unless OO retains some % in them, and will have to survive on their own (they may yet yield a windfall for shareholders at some time in the future) . My concern is that it's taking so long to monetise the remaining non-service assets, that they'll be redundant by the time we get around to it, and have a fraction of the value they would have last year. A buy-out seems attractive right now, for the right price of course. It's the only way CF will see the highest return for his large stake in OO.