RE: Investor Meet4 Sep 2024 11:33
I watched the Investor Meet. Been watching Cooklin present these for years. It's always plausible until one remembers he's been saying variations of the same old thing for years. Even now, the story has not changed.... covid disruptions this year, but next year it'll all looking great... until it isn't. Case numbers up, but case size decreasing, oh but case numbers are down but the case size is increasing. BBL was the next big fillip, no it wasn't, it was a distortion, etc etc.
Get the feeling we're being played here? No one likes being a sucker.
I'm also starting to question the entire business model here. They don't seem to be able to grow without incurring more debt. They need the debt to invest in staff to grow the cases. They don't seem to ever make enough cash to fund the investment in cases. The y/e cash position is a bit of a moveable feast too.
I don't feel too good about Manolete today - the only thing giving me some hope is this fellow Cooklin does own 15% of the equity, so he has plenty of skin in the game and one would think he'd be highly motivated to do everything in his power to fix the market valuation. The way to do it, surely, is to operationally prove the business model.