To confirm. You would value the company the same regardless if...

To confirm. You would value the company the same regardless if it had $100M WIP or $300M WIP?

Seems strange, when they have historically recover well over 80% of this.

I may not be an expert in cash flow but I assure you your religion is not the only one, and it is not omnipotent. Rough stuff but this is how I would differentiate the 2 scenarios above.
$100M WIP - min recovery $80M , file closing costs $30M min recovery $24m , run-off costs $20M Asset = $84M
$300M WIP min recovery $240m - file closing costs $100M min recovery $80M, run-off costs $20M Asset = $320M

In my opinion when you have cash come in and profit taken from cases closed, yet the WIP increases. You have grown your business, and your asset has grown, in most cases the WIP has been growing by over $10m a half, even after all of the acquisitions were bedded into the turnover. This is $8M of additional profit, which will take a while to come in, but come in it will

What was your calc for EPS last 6 months ? and why would you not expect this amount of greater ?