FSI call
I read through the transcript. My guess is that 1.25 million of bad debt was just mistranscribed.
As far as the rest of it they kind of suggested Q3 could be as good as Q2 but Q2 wasn’t really very good, certainly not good enough to justify current share prices.
The tone was bullish and optimistic but I think management has a credibility problem at this point. I think I would need to see actual numbers that back that optimism. They haven’t shown the kind of operating history that justifies blind faith in generalized statements.
That last part is the crux of my views on FSI.
This isn’t a company with a great operating history of continuously and profitably growing revenue, and we are banking on something being dramatically different today than it’s been for years. Maybe they just fell into two awesome game changing businesses on the cheap. The rather underwhelming numbers though say maybe not. I think it needs to be cheaper or they need to convince me this business can earn at a sustained higher level to get me to buy. as you suggest I don’t even know if the dividend is sustainable.
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