Please don't think I got into this one recently. I'm currently down on the position as I underestimated the impact Urgent would have on the overall group P&L.
That said, I still think it's in my interest to hold the company. On an EV/FCF basis it's extremely cheap, even with the single client risks is carries (whether a re-rating occurs or not is another matter).
If Urgent can be brought back to previous performance (yesterday's announcement is a good start), then I'll likely still come out ahead...
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Please don't think I got into this one recently. I'm currently...
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