fwiw the telco services space here is brutal, but HUG's margins on managed services are actually decent if…by @nico_the_analyst on $HUG

fwiw the telco services space here is brutal, but HUG's margins on managed services are actually decent if you look at the EBITDA conversion. Problem is they're still fighting for contract renewals in a market where corporates are cutting capex hard. Imo the swing is whether they can hold their customer base through the next cycle, not revenue growth. Could be wrong but at R1.20 some of the downside risk is priced in.