Emeco Holdings Acquisition, page-19

Fair points, but it appears the write downs in 17 are from the good will paid to orionstone and Andy's. And in the reports the market value of the equipment was less then the collective book value. This normal by the way, most mining service companies equipment value is much less then book value. Us accountants don't complain as allows us to fluff up the profit on the way through and hide the loss on a disposal as a one off. So given improving equipment market values atm it's fair to say the book value would be pretty close to market. Fact is the reference point was when they had double the equipment they now. I'm also in the market and rental rates are getting close to their normal rates and the utilisation they are reporting isn't far off being full utilisation for a mining rental Company, so not a lot of additional top line revenue left to get before they have to buy more equipment. Also well known in industry that the force equipment while well maintained was older equipment. So an ageing fleet is a big problem with no replacement capital. So at 70 sp with 2.2billion shares makes them a $2billion dollar company. I just can't see how that can fundamentally stack up with earnings capped at a max of $150m EBITDA (30% of equipment value , their long term ave) which then generates about 45-50 ish EBIT which is just above the interest bill. But as I said the SP seems to be disconnected from fundamentals so you could be right and us fundamental guys will be again schooled in share training