Wednesday, May 23, 2018

Amira, Please Don't Ghost Us - Let's Talk


Good operational results with double-digit revenue growth of 12% and flat gross margin of 12%.
Working capital still consuming all the cash, I believe current financing strategy is not sustainable.
Share exchange for the remaining stake in Amira India seems beneficial for ANFI shareholders.
Mixed messages through CEO actions, on one side he guarantees the 239MM USD debt, on the other he eliminates the compensation committee.
The lack of communication with the market makes ANFI an even riskier and more volatile investment but with a very attractive risk/reward profile (1:4-5) with a target price of $11.00/share.


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