Agree with this. Getting rid of the advisory division sets them up to cleanly sell the software division, which I've always thought is the end game (not necessarily PE who will buy it though - a strategic like Dassault or Ansys likely has a lower cost of capital, i.e. could pay more).
I would guess they'll want to drive software sales for a few more years before punching out - it looks like they're doing well, probably set another TCV record this year and it's interesting how they directly call out competitors (eg Deswik - which Sandvik bought for >10x revenues a couple years ago) they're displacing and are more openly naming their clients (who's who of mining, basically) even down to specific projects.
RUL Price at posting:
$2.62 Sentiment: Hold Disclosure: Held
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