Takeover target, page-21

Aristricrats success reflects the opportunity to execute well in this space . It shows the industry is lucrative and that’s important. Agi at present is like buying the worst house on the best street. Novomatic if they were looking to buy would wait until the VWAP drops low enough were any bid seems like a good premium . I would say the window will present in about 1-2 months where VWAP will be around 1.05 for a month and 1.15 for the last 3 months. An offer of 1.40 -1.45 makes the premium look reasonable. Not saying they will but if they do they will wait a little longer to make the bid relative to the 3 month VWAP

The price has halved from the last profit downgrade and I simply think that is way to harsh. At first signs of recovery the stock will rerate to 1.35-1.45 imo. I have bought a few more at 1.02 and 1.005 ( only 15k extra ) as I feel it represents great value
As for Alan Gray - you can pick out there bad call but it’s silly to ignore they were the biggest shareholders in MTS when it was 90-100 and when up 300% and NCM when it fell Sub 12 and ROC before it got taken over . They have some riper contrarian calls . I also agree that debt is the biggest danger to stocks and AGI leverage is very low and it’s at assets only 20% below current SP .