it's a mystery, page-34

- Average reporting etiquette is never a good reflection on management
- Risk that new acquisitions won't progress as expected
- Risk that operational leverage will not improve at the rate expected by investors (at least within the next 12-24 months)
- Impact of future acquisitions and capital management
- Competitive industry

The current price at 3.6 times sales expects a notable increase in profitability in FY15. Warranted forecast revenue growth puts this at a more reasonable level.

Those were the elements of uncertainty, there are many positives:

- Synergies
- Revenue growth
- Modest organic growth
- Executing on plan
- Linear focus
- Likelihood of improved operational leverage

I missed the initial boat ride. I may look to jump on board if it comes a little closer to shore.