RE: EAAS; sorry to deliver the news6 Nov 2020 06:39
ICL that is a decent analogy.
Another factor to consider is expertise and lifecycle. EaaS and their manufacturing partners are designing and installing the systems and proactively managing them. Presume the lights have zigbee or similar tech for remote management. Public sector schools do not have resources with the knowledge to design/specify/maintain so even if they did have a lump of capex they run the risk of having to live with a mistake.
In regards the factoring being used, questions have been asked at the last two investor presentations as is this a long term activity. Or here and now for cash flow reasons. In the last presentation there was references to new projects not using finance factoring.
Even with continued use of factoring this wouldn't prevent dividends from my understanding it may actually help pay dividends as reserves are not being eaten at the start of each project as capex for the lights, am I missing something ?