Interesting and thanks for the info. I think $1.90 really...

Interesting and thanks for the info. I think $1.90 really undervalues UWL, as the businesses they have acquired are growing by 30-40% per annum. I think overall UWL have brought better quality businesses that are growing faster than they other telcos, which explains the higher multiple they have paid. 5GN hasn't shown the growth that the market was expecting and cash flow hasn't been good, that said if they can turn this around, its extremely cheap. ST1 I feel is at an inflection point with the appointment of Sol as the new CEO and next year could be their year with a number of medium to large acquisitions going through their due diligence gates at the moment.

Disclosure - I have fairly large positions in UWL, ST1 and 5GN.