Not a surprise ( unfortunately ) as not everyone would be supportive after all the pain they've been through. I feel for them cause this is the bottom imo and - the recovery could be substantial. The business is not broken, the CEO has a mandate to turn thia around ( and he hit the ground running so the benefits will be evident this half) and he is also getting institutional backing, which was lost with the previous management team and board. Gruden actually makes a lot of sense - got the software while BPS has the content - and that should add nicely in FY19. Add upside from AP and we could be entering an earnings upgrade cycle- the single most powerful driver for share price. Not sure when the stock will rally but the risk reward is quite appealing on a market trading on 15-20x vs 5x for these guys ( from a position of low credibility to be fair..). Of coursr that requires the CEO to deliver, but the same way he deliberately sink tank the balance sheet to clear the decks, i think his guidance would be conservative. Time will tell.
BPS Price at posting:
28.5¢ Sentiment: Buy Disclosure: Held
