The M&A process started when the company traded at 3X revenue and the acquistisons were less than 1X and so your thesis is correct and the NNG plan was therefore 100% aligned to your thesis.
Post escrow, the SP was crushed. Thats not unusual but the resultant SP is unnatural in that the MC could be seen as being below the peer average.
The company can trade-on organically and wait it out as you suggest or it can get on with growing.
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