Ann: FY19 results investor presentation, page-22

compare SWK to DDH1

strip out the orexplore and we have

FY19 Revenue $143M

EBIT 9.2M = EBIT margin of 6.5%

DDH1 we have a EBIT margin of 13.6%

in the good old days SWK achieved EBIT margin of 18%

you can see the upside in valuation if SWK increases EBIT margin to over 10% plus achieves a competitive advantage

you can also see there is little interest from fund managers in drillers, so you need to be patient with this stock and have a 2 to 3 year view. Paying a dividend becomes more important in this enviroment.