Great P&L results. The market may be holding this back because...

Great P&L results.

The market may be holding this back because balance sheet looks pretty sick. I.e the massive $20m deferred tax liability, $82m in borrowings and whopping $149m of 'intangible assets'. Not sure how brand value, customers relationships and goodwill can be that high for a purely B2B industrials company. The intangibles are basically keeping the assets looking good and in the green atm which tends to be a red flag and can swing fortunes very quickly.

Hopefully they can get a handle on the balance sheet to de-risk, however the P&L is looking fantastic.