What acquisitions are you eluding to?
ZNO doesn't need any acquisitions with it's business model, that IMO would the last thing they would do & that's after a share buy back!
Funds are required for expansion but you'd be looking at setting up similar operations as the UK in other parts of the world not acquisitions.
As for additional capacity, the funds involved outside of wc are minimal.
Better get used to the idea of a dividend for FY20.
Valuation estimate, page-91
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