A Brief History of PRG -, page-7

I agree, I am not calling the bottom of the cycle but probably close is my feeling. As you say the tough times we have seen make businesses cut costs and set up a potential strong recovery. Also tough times set up a cyclical recovery in the industries in question especially in the primary or raw materials industries where there is a long lag from investment decisions until production.
I am still a bit wary of the resources bust but everyone is well aware of it so it's more than priced in.
The reason I dislike the term black swan is that most events labelled black swans are predictable and were in fact predicted by a number of people. Like the GFC was predicted by short sellers, the oil collapse but these are black swans because analysts didn't predict them and no-one else's opinion counts.
Similarly there are a lot of black swans to economists mainly because modern economics has lost its way. Adam Smith or Walter Bagehot, Keynes even Marx were shrewd and cynical observers of human nature.
The established an idea based on reason and tested it with experience. Today we have Panglossian fallacies like the efficient market hypothesis and mainstream economics doesn't even take into account the speculative boom bust cycles that are characteristic of human nature.
It depends on complex towers of mathematics based on bullshit foundations so it's not a surprise that the muppets get black swanned a lot.
Finally as an investor I don't try to predict the future as it's impossible. Everything is a black swan to me lol, the answer to not being able to predict the future is just buying really really cheap to defend yourself from what you don't know.
PRG fit the bill and I am happy to hold for the recovery, thanks for posting everyone. Even if revenue stays flat the integration of SKE should improve profitability over coming years.
Agree the dividend will remain muted but still nice to have.
Looking forward to the next round of reports from these guys to see how things are tracking.