After down 8%, P/E still 28, too expensive, page-20

But just on that acquisition discussion. IMHO management played down the available opportunities during the investor call.

They said words to the effect - We're always looking but something has to be for sale to be able to buy it. And prices are only reasonable when the vendor has it up for sale.

They went on to say they know who the likely targets are and it would be highly unlikely they would acquire a business they don't already know very well or have had previous discussions with.

I took the above to suggest nothing is imminent and the options scarce (perhaps due to their rigor)

Neoteric, was this your takeaway as well?