This is a company run by solicitors for the benefit of solicitors and investment funds. Shareholder interests come a long way down the list. Have a look at company releases for the past 5 years, it is always things are going to be great soon.
I hear you. Getting to (or close to) the point of generating surplus capital (i.e. FCF, essentially) through a fund management model has taken a hell of a lot longer than anyone could have reasonably expected a few years ago. That explains the loss of patience and fatigue that is reflected in the SP, which you are also voicing here.
I do think this Ares deal marks a turning point in terms of sustainable self-fundedness, though, and it seems to me that the market reaction since the deal was first announced materially underappreciates its significance. If the FM platform, from now on, can really accrue FV at a run rate of 150m$ pa (in EBIT terms) and if the FV conversion rate remains anywhere close to 100%, I can easily see OBL's Market Cap double from here, given that the value ascribed to any future business at today's price is still basically zero.
OBL Price at posting:
$1.31 Sentiment: Buy Disclosure: Held
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