For me the main surprise in EPW's results is the exit from the US business. If they were having difficulty gaining sufficient market share to reach scale then I'd prefer they exit and focus on the markets where they appear to have less effective competitors.
Given the increase in debt to fund margin requirements hopefully they use the funds from the US sale to pay down debt before considering anything more adventurous.
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My investing blog: oceaniavalue.com
EPW Price at posting:
$1.68 Sentiment: Buy Disclosure: Held
