Growth

Hi all I've been doing a bit of work on understanding FSA further especially in light of the recent price weakness. On the surface FSA ticks a lot of boxes (e.g. aligned management, recurring revenue, dominant player in a niche market etc etc).

However, I must admit I simply can't get my head around where growth will come from, specifically in relations to the debt agreement services, given (a) market is not growing; (b) FSA is already the dominant player. The recent indication of a slowdown in new inquiries is in particular worrying.

Their various loan books are profitable, (albeit sub-scale) but businesses such as invoice factoring are really really crowded and will get whacked big time if the economy goes southwards.

Any thoughts would be greatly appreciated.