As per previous posts - simple ebit consolidation. I've been negative on this for a fair while sighting due diligence on acq's. If you build they will come normally sucks a few in for a start but reality hits.
However as with any rollup - there is value in the underlying businesses. Probably limited downside medium term here.
Assume 50% of business are rubbish ... other 50% pretty good ... trading below 50% of book value.
Result coming will be down, but take a razor to group and you should get a return.
good buy, page-6
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