You aren't factoring in TIC supplying 13m of EBITDA roughly....

You aren't factoring in TIC supplying 13m of EBITDA roughly. There isn't any growth being forecast in the business at that level.

The writedowns etc appear to be bigger than all of the acquisitions since (and including) Jalco in 2015. Does anybody think there would be write downs if it was only input pricing being out of whack for short term reasons?

This business has no roll up magic that I can see, and cannot generate synergies it appears. (In fact some of the acquisitions appear to be outside of any area of likely Pact Group competence - like Cross (Tik - get it ). I'm not sure that an acquisition strategy is a good idea for PGH until they start proving they can generate synergies and get some discipline IMO. I doubt very much that costs are being adequately removed or managed. I'm not saying that lacking cost outs is necessarily wrong - it just may be that the businesses acquired are already very lean, and not offering the upside expected.


Not sure what reason there is to pay much above book value? Happy to learn otherwise.

Gas prices have had quite an excursion in half 1 (thanks @AvalonDays for your previous response to an earlier post - handy to see how LYB is going - if a supplier is booming or not). But it cannot be assumed that half 2 will have the same issues.

Sorry if you guys are hurting on this investment, but I just say it as I see it, and change my mind from time to time.