Yup. I’ve never really believed this split of the business and I don’t think the market has either, so will be interesting to see the reality once the transaction goes through. Ie pre PowerWrap they’ve reported 50% EBITDA margins in the Aust segment, which, given their particular business and associated margins doesn’t make sense to me when compared with NWL and HUB. Understandably they’re now sub 50% given PowerWraps non-custody (ie lower margin) focus before synergies come through.
I was hoping for further info in this report (akin to segment / assets held for sale) to show an updated reflection of the likely impact.
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Yup. I’ve never really believed this split of the business and I...
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