Ann: Investor Presentation, page-8

@hhonner. I just read through the investor presentation, and I also cannot figure why the SP is not going up in line with MAH and NRW. All the fundamental metrics are looking good. Revenues are increasing. Leverage is decreasing. Commodity prices (particularly gold) are increasing. Customer retention rate is 95%. The recent integration of DDH appears to be going well. (I'm an ex-DDH holder). On top of that we have an active share buy-back in place while the SP is trading around a historic P/E of a humble 5x. (which will go lower if EBITA goes up as per guidance). Am I missing something here? Why is this particular mining service company on the nose with institutions and investors in general? Is there some perceived cost blow-out or earnings risk associated with the recent Barminco and DDH acquisitions? Is it the low dividend yield? I'm stumped.