And while Im thinking about it.... on this point,,,
"funds are interested in pouring money into them for acquiring new businesses offshore."
1. The IT market in Oz is small. We only have 25M people. Expanding beyond Oz is just common sense.
And on the M&A Front:
2. The roll-up path is well trodden. The ones that work are those that offer an arbitrage to the investors. The acquistions have to be at a price that offers upside to the Group. Converge do it by aggregating buying power, Speedcast did that too in Satellite. For Constellation its about NPV of trailing earnings.
There are plenty on the ASX that have not worked (I wont name the ones im thinking of but feel free to chime in). Mostly because they were chasing revenue across disparate markets where they had no aggregated buying power, no economies of scale in merged operations and no vision of where they could take the acquistions to earn higher NPAT ie, adding more value to the market cap than the price paid.
NNG Price at posting:
1.6¢ Sentiment: Buy Disclosure: Held
(20min delay)