AFL - AF Legal Group

AFL have redeemed themselves slightly in my eyes with the release of their H1 2022 results. Still have concerns about IR with this mob and the bull**** earnings nonsense they fill the front of the report with. Just report the actual financials and leave the accounting gymnastics to others.

I honestly don't understand why so many people say that AFL has actually redeemed themselves due to the release of their H1 results. Just like someone said above, "we still have concerns about their bull**** earnings." Guys, those are not concerns. Their income is just stupid and has no sense! I consider they don't show their all income, as it cannot be like that. I think they need some better accountants who could actually help them get out of this asshole. Right now, and right here, the league is going throw a terrible period.

Annual report out for AFL today, as telegraphed a large loss due to impairments in the first half of the year. Despite the silly acquisition of Withnalls as discussed above, it seems the influence of Peter Johns on the board has helped. No mention of EBITDA!! (A pet hatred metric of mine & I know Peter dislikes it as well.)

On the positive side the business is close to FCF +'ve, so looks to be slowly heading in the right direction. Still low conviction for me, but it is a small position.