This is tagged #bull but it's actually in-between

No doubt FLU has a lot going for it. Low/no debt, a number of contract wins and previously good margin on projects. The technology seems to be hitting the right spots. Overall, it has a lot of potential.

However, with new contracts coming down the pipeline there are question marks over funding these projects. Many of the projects are also in politically difficult areas. Plus I'm not sure how well management will be at responding to having more projects on its books spread across the globe. It may well be very successful but with growing revenue there is the risk that margins could be compromised. They don't have enough runs on the board to demonstrate they can manage the numerous projects needed for their forecast revenue. They certainly might pull it off, and I hope they do. But if a delay or issue hits one of their bigger projects, it's going to spell trouble for margins and the share price.

For those reasons it is incredibly hard to value the company and the range I get is $0.20 to $1.50 depending on assumptions. That is way too much of a spread to invest.