Hi, Don't know a lot about Vision, but know a fair bit about these businesses. The majority of them should be analysed in much the same way you would look at a mining company. The company doesn't really buy goodwill, it buys the services of a professional, for a set period,usually at a lower rate of pay than they would normally get. However, the idiot investors, value them as if the contracts are never ending, the "goodwill" in the accounts is probably depeciated over 20 years, so all looks rosy until a whole lot of contracts come to an end.
As there is usually a shortage of these professionals, they use there market power to get the best deal they can. This process has usually been made worse by a management, which has irritated them with irrational bean counting management practices for a few years. So if the business wishes to continue, it has to find the money all over again to buy more professional contracts.
Cant blame docs, why should they take less money than they can get? Sad people will do their dough, but the majority these will end in tears. Stay away from them all, unless you are in the ipo, and you sell out, no more than 20% into the contract times.
good luck
VGH Price at posting:
17.5¢ Sentiment: None Disclosure: Not Held
