Batm Advanced Communications Ld

First-pass take

Network infrastructure company benefiting from AI-driven infrastructure spending (100G Carrier Ethernet uptake explicit, Networks revenue +36%). Margin expansion in Cyber (41%→51% gross) and BATM Networks loss reducing 33% on revenue growth show leverage potential. However, core divisions remain loss-making, no valuation multiples provided, negative operating cash flow, and modest net cash (~12% revenue) limit conviction.