Ann: Investor Presentation May 2023, page-22

Thanks for posting - good comment by Sodhi - put together well from MGH history to the complexity of the business today together with the difficulty in making sense of its metrics. However I am glad that he also thinks that it is mispriced. He states that the main reason might be the legacy issue that MGH is still seen as an equipment hirer and needs to shake that off. I would be surprised if any current holders would hold that vision of the business. The doldrums facing the construction and residential building industry would be far more likely the reason for the current price suppression. Many retail investors particularly the momentum and ST end of the market do not extrapolate the financials too much. If the SP heads south 10% or more and the media supports it the rot tends to set in. I am with Sodhi including the issue of complexity.