It's certainly true that roll ups carry there own risk, and a higher degree of care is needed as an investor / business owner.
In this case, my view is that the core business is growing nicely and (so far) most acq have been quite strategic bolt ons that are not material from a size, and hence risk, perspective.
Further, SEQs strategy has been very clearly articulated making it easier to get a feel for progress and the like.
Ultimately, at this stage I continue to consider this a very well run business with a well executed strategy. Garry also seems to be a very conservative operator. Doesn't guarantee success, but does increase the chances.
SEQ Price at posting:
69.0¢ Sentiment: None Disclosure: Held
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