I think they wanted to secure a good return on their money, and were willing to discount nicely to make the money quickly. They sold to another asset management company and the underlying fundamentals of the business that have been communicated to the business is really positive. We will need to wait until the half year results, but I think we will be surprised with a re-rate on the business in the near term, clear any outstanding legal issues and then get back to a market average EV/EBITA multiple which would place us around $2.1/share.
EML Price at posting:
$1.01 Sentiment: Hold Disclosure: Held
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