Ann: 1H24 Market Update, page-69

I am going to call this growing pains. Whenever a company merges or acquires several companies successively there are two problems. If the acquisitions come with a large intangible goodwill component the acquirer can eventually reach negative NTA territory which is what has happened here. The other is that it is quite difficult to determine the ability of the acquirer to grow organically and that is a feature which most investors want to see before investing. If you have done enough research and your risk/reward ratio is positive then invest. If the company integrates its purchases efficiently and manages to gain all of the synergies available then they will do well and so will you. I am in for a few after doing some homework but I also like the theme behind this sort of industry - it is needed by us socially and environmentally. All the same do your homework before putting your toe in the water.