Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-5

"Trying to understand the competitive environment for AND
M&A will be lower in this environment so selling pressure will continue but just nerves imho."


I suspect viewing AND simplistically as a M&A arb play is the easy default for most people.

When, in fact, the company garners is a lot more "maintenance"-type revenue than lumpy revenues derived from corporate transactions.

And besides, even the M&A engine has several cylinders, meaning that when some sectors aren't firing (eg. like now, financial and consumer discretionary sectors are subdued), others are (eg. energy and renewables).

I suspect AND's financial performance over its business cyclical (whatever that might look like) will prove to be far less volatile than most people might expect.

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