That is correct halfdozenmarsbars .... these results are just a...

That is correct halfdozenmarsbars .... these results are just a set of numbers for the holding company. They tell us very little about the true value of TSI and the cashflow is basically irrelevant for the underlying business .... TSN has enough cash to run and that is all that is required.
Also, and this is a big factor, this valuation is based on the ATM business alone ..... e-survelliance, power management, remittances, cards,etc are all un-valued in this. As we know, Gary sees ATMs as the hook .. the value is really in the other services.
Overall these look nice but they so undervalue TSN that it is not of much real interest to me personally.
MartyW