I have been in it and followed it for a long time. HVAC was a...

I have been in it and followed it for a long time. HVAC was a disaster. Staggering they sold it for some money. It is a completely different company now and that will surely be reflected in the forthcoming report end Feb. There will still be a few residual HVAC numbers in there (ie non recurring because of course they sold HVAC) but otherwise it should be pretty clean. You haven't missed anything - you're right. It IS cheap. I don't think it's scared of the contractor/employee thing - there are hundreds of companies in exactly the same situation as BSA on this one. It is now a much closer competitor/match for Service Stream which is a great business. PS It's not new management, the guys have been running it for a while so even though CEO has moved position, he's still around. Good little business. I'm a happy holder. Good cash flow and pays a divvie, in growth markets. All opinion only, DYOR etc.