Analysis by NAOS (NSC Quarterly Report) - BRI, page-5

Take NAOS with a grain of salt. From my end BRI is unique compared to other businesses that do acquisitions where they buy established complex systems that take forever to integrate. BRI buys successful Mum and Pop shops that have barely any systems and are quick to integrate. The recent rebrand and clearly articulation of the business divisions has BRI well placed moving forward. The construction space they work in will not go backward. Instead, there will be an increasing demand. They have a great ROIC. They continue to enhance a 100 year hold business into a well run and profitable modern-day business that continues to eat away at market share. BRI are one to accumulate (I know I will be at 1.60 and below) because there are low shares on issue, and I am confident that in time a $2.5 share price will be hit, but in addition a bigger and better business. Maybe private equity would love to take them out too. A top holding for me.