Hi jamwolf, I remember clearly it being your post on PMP that...

Hi jamwolf,

I remember clearly it being your post on PMP that prompted me to model the stock from first principles, and then to buy it.

So I owe you a vote of thanks.

In a way the "monetisation" of the BOL asset base is a lot simpler than what PMP had to endure (rationalising, shutting and combining entire printing operations, compared to simply selling off discrete units of mobile equipment). So I think the execution risk on BOL is actually a lot lower than it was for PMP.

But I do take your point that it might be a bit early for the BOL story to take root in the hearts and minds of the market.

My observation of these sorts of situations is that the market starts to take real interest when NIBD-EBITDA hits a level below 1.5 times, or when NIBD is comfortably lower than the Market Cap of the business then that also seems to be some sort of psychological comfort point.

And BOL will probably only be at that position in 12 months' time.

I do, however, think that - unlike the PMP board - this one is far more vulnerable and less ensconced with its shareholder base. Which I think makes the company a bit of a takeover target for someone with the inclination to accelerate things.

I currently have a small holding (~1% of my investable capital ...which makes this much analysis and debate somewhat illogical(!), but I do find these de-leveraging stories interesting), and I suspect I will keep building in the weeks and months ahead to, possibly double my current weighting.