annual results, page-4

I agree with your assessment, marmaduke, "solid if unspectacular".

The profit figures are good, very good even. however, the recent purchases have created larger borrowings, which has significantly weakened the balance sheet. Most debt ratios are now outside acceptable limits. eg Current Assets are less than half of total liabilities. It goes on and on. Net Tangible Assets are now negative 69 cents per share, so we can expect further write off of intangibles. The expectation is that rising revenue and profits will heal this wound in time. All good, as long as nothing unforeseen happens.

On a positive note, cashflow is good, especially if cash transactions associated with the Primus takeover are ignored. This should continue into 2012/13.

I would say that M2 is currently at about fair value.