Jul. 7 at 10:56 PM
$SBC Having a proper look - it is a real, profitable business, but not a clean cheap healthcare stock.
Bull case: high-margin aesthetics/clinic-management platform, lots of cash, low P/E, real customers, repeat usage, and possible short-term technical pressure from founder secondary + Russell Growth removal. If Q2 shows stable revenue, better cash conversion and no more weird governance noise, this could rerate hard from ~
$3.
Bear case: founder still controls ~80%+, related-party revenue is huge, internal controls have weaknesses, and the public float looks more like minority passengers than true owners. Founder sale at
$3.25 gave him liquidity, company got no proceeds. AEM/consultant structure also looks messy.
IMO not a scam call, but definitely a governance-risk special situation. Cheap for a reason. Could bounce/rerate if trust improves, but could also stay dead money if minorities never really benefit.
Key watch: Q2 results, cash flow, related-party balances, internal control update.
