May 22 update - just refreshing the valuation cos, I dunno, the timing seemed right. I still stand by these views...on the company as well...
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What do they do?
Founded in 1971, they're an Israeli-domiciled company who design, manufacture and distribute weighing scales for industrial use. They sell these to retailers, healthcare and manufacturing. A fair chunk of the business is supermarkets who use them at point of sale to weigh your portobellos, which you're keying in as field mushrooms (yeah, I saw you...).
Israeli? Why the ASX?
Dunno, good question. Amber flashing light.
What's the growth driver?
I'm not sure there is one but if there is it's what they call Product Aware Surface Technology, which are basically smart shelves. The idea is that instead of underpaying a uni student to monitor inventory and stock shelves, the retailer gets a realtime view of inventory and demand levels of stock and then still underpays a uni student to stock shelves.
It sounds like a bit of a yawn fest. Tell me something interesting?
When they IPO'd in 2017 Dave Sharma was their Chairman. The same Dave Sharma who was the federal minister for Wentworth and a member of the Morrison government. The most corrupt, inept, visionless, money-wasting, unaccountable government I have witnessed in my lifetime. A government full of science-denying, masoginistic, degenerate liars who dish out favours like party treats. A government who could perhaps best be described as the Bermuda Triangle of policy and spends most of its time thinking of new and creative ways to play the ‘look over there’ game with the media, who largely lap it up with sycophantic gusto. A government who could not spell leadership if they saw it in a book and is ‘lead’ by a man bereft of ideas and completely lacking in moral compass - a vacuous pus-filled incompetent deceitful oxygen waster if ever there was one.
Would I buy it?
Nup, it’s uninvestable. I wouldn’t buy it with your money – apparently that’s the government’s job, but only if you live in a marginal seat…