Most of the high, fixed cost infrastructure has been spent, now just a matter of selling capacity.

Huge operating leverage, with very low incremental cost of bringing new custimers online. That is, huge gross margins which largely fall straight to the bottom line.

Led by a serial entrepreneur with a lot of success in this space.

Underlying EBITDA positive

The main risk here is execution risk

A Telco with its own network and provides managed services

• Has grown a lot by acquisition
  • Acquired BigAir in Dec 2016
• Positive (underlying (EBITDA) in FY17
• Has operations in Australia, Singapore & Hong Kong
• Now that Networks are largely built out, the strategy is focus on scaling the business
• A very young business: established in 2014 and listed in 2015

These are headwinds as described in 2017 AGM preso

Basically -- it has to integrate a bunch of businesses, fund ongoing capex of it's networks (although that is slowing) and needs to win customers in a competitive market.