Well articulated preso. I'm normally pessimistic when it comes...

Well articulated preso. I'm normally pessimistic when it comes to company making acquisitions as a good 90% of acquisitions result in shareholder value being destroyed. However, in this instance, management have definitely acted in our interests and the acquisition of OSD is definitely showing some positive signs early on, especially in regards to profitability and most importantly, CASHFLOW!

Based on my estimates, this company is definitely undervalued by any means i.e. Forward P/E ratio, EV / EBITDA, sum-of-parts. Surely it'll only be a matter of time before the market wakes up. The only thing that will hold the share price back is the fact that the engineering/construction industry is notorious for working capital challenges. Hence, if they can maintain their 90% EBITDA conversion into FY21, we'll definitely be seeing a SP north of 40 cents in no time.