Very interesting post Lost - many thanks for putting that up....

Very interesting post Lost - many thanks for putting that up.

One factor that is interesting on the other hand is that they have bought these acquisitions mostly with a strong Aussie dollar, and will be gaining earnings from now in a far weaker AUD environment it would seem. So maybe even if these acquisitions have not brought home the bacon (and may have been bought at the top in some ways if energy related), they may, at this current SP, be quite beneficial to AUD based shareholders. Also this co might benefit leading into the US hurricane season - June to November. (as a trade?) A global warming play?

I thought their recent release was quite terrible - esp not long after the AGM - but maybe we have to take their word for it that they have a growing backlog, and we have to assume that they ate some of their backlog in the five months since the EOFY too.

Re pending writedowns - maybe we have to remember to ask what other businesses might pay for these ATM, esp with a takeover premium of say 30% and for a bigger lump of them.

I am still guesstimating that they will make about 39cps in FY15. Note also that they are no longer talking about acquisitions, but efficiencies etc and cost outs. With a lower AUD - I would be supportive of that. These guys are really not a massive player in the space, and could be a good buy for a larger European competitor if the AUD keeps falling. NPAT moves $650k for every AUD cent down.

Just some ideas and pointers - have not had time to analyse this one properly.