So, paying $2m for a business doing $0.5m Pre-Tax, i.e., 4x EBIT or 5.7x P/E (assuming fulsome tax rate of 30%).
Not sure the business being acquired is much of an organic growth beast, but I suspect its earnings are reasonably granular and resilient.
When he took control of the Morrison millions, Gazza assured us he wasn't going to behave like a kid in the lolly shop and, so far, he hasn't strayed from that assurance.
So: Tick.
.
Ann: Another Acquisition in Professional Services, page-2
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