Just a few comments on above1) 2013 PE wont be anywhere close to...

Just a few comments on above

1) 2013 PE wont be anywhere close to 10. It will be plus 20 for sure.

2) sacking staff in an accounting firm is like selling you your manufacturing plant. A staff member paid say $80K would be expected to bill clients arounf $200-300K per year. Overheads like rent will remain largely uncharged so it's easy to do the maths on the sackings.

3) Dividend is not sustainable. WKG has had good cashflow over the last few years as it has taken locked ( time taken from when time is first spent on the client to when the money is in the bank) from 120 days to 90 days. This has now flattened out with a hint of reversal in the December accounts.

4) in my opinion is a business in serious decline and is not an attractive takeover in the financial services space.

Cheers