Most undervalued stock on the ASX ?, page-21

We don’t need to see their full year numbers. They’ve provided guidance which is materially lower than the prospectus and they’ve downgraded earnings twice. They’ve provided enough figures to work out that their roll up play is not working anywhere near as planned. 
What I meant by low hanging fruit was the best independent practices that wanted out would have been acquired already and corporatised. Sure their model is a bit different but given they’ve executed poorly so far that might hurt them acquire more practices in future.