investment thesis, page-2

Hi Cam,

Welcome back. (hope you had a good, trip, holiday, break, recuperation, whatever...??)

Always great to see you in depth analysis, I've missed you here on the thread. You analysis is deeper and more through than my back of the envelope workings, but the underlying thesis is the same. Great underlying business, that is scalable at minimal cost if there is a up tick in any economic activity. Key for MM was to get the costs out of the business, revitalize the workforce to get them out there talking to customers and placing warm bodies. Pay down the debt. Good to see them out of the St Kilda rood offices, but not sure that they give away office space in Hawthorn, anyway. One that is implied, but not directly referenced in you notes above is the improved accounts receivables position, Skilled is behaving more like a supplier to their customers and less like a banker, this is also having a material effect on the debt levels.