Picking up another parcel soon - not too sure on the $7m EBITDA...

Picking up another parcel soon - not too sure on the $7m EBITDA estimate though. What makes you think that they'll push out a $5m EBITDA in H2 (given H1 was around $2.5m)? From what I know the business is largely depending on top line revenue now since a lot of their costs are fixed, i.e. employee benefits & insurance. I'm hoping for 5.5m/6m, but would not say no to more of course!

Not super up to date on recent industry movements as this has just been a value buy that I got into last year. I do know for a fact though that the housing market only began to really boom at around Oct/Nov last year which aligns with one of the charts you posted earlier, so should see that continue at maybe even a higher rate for most of H2 (where July-Sept last year were very average).

Planning to put together a DCF for these guys over the weekend & am happy to share once done (provided I ever get to it lol)..

Thanks!