With all due respect to a great leadership team at CAJ; it appears this company has started losing focus of its core activity of providing radiology services. M&A and deal making frenzy has laid its tight hoodwink here. Diagnostic Imaging is a simple business if you keep it simple. I say this from personal experience being an industry insider.
We are yet to assess the full financial impact of (expensive) Southern Radiology deal earlier in the year. Not sure how much EBIT accretive will that be! After Enlitic deal I would give CAJ another 25% downside risk from here.
Growth without market rate of ROIC over extended periods is often unpalatable when Cost of Capital is the price (IMHO).
Good luck to everyone!
Ann: Update on Business Activities / Integration, page-34
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