I wouldn't be so excited about the 29% expected revenue growth....

I wouldn't be so excited about the 29% expected revenue growth. This is only due to the first time consolidation of their last acquisition Sigma.

Sigma had revenue of $75.5m when HSN bought them. That leaves the remaining HSN business at $225m, which is the same level as last year (FY19 $231.3m), and the year before (FY18 $230.8m), and the year before (FY17 $174.7 + Enoro acquisition $55 = $229.7).

Perhaps it's hard to see because of all the acquisitions, but Hansen haven't had organic revenue growth for many years. They were good acquirers in the past by buying cheap businesses and improving their profitability. This has changed with the last 2 acquisitions where they paid high prices. It will be interesting to see if they can actually grow these businesses.

The market will get excited if total revenue are above $300m or Sigma contributes more then $75.5m.