I bought 30K shares today and planning to buy more if I am...

I bought 30K shares today and planning to buy more if I am fortunate to see the volume like today again. Been following the company for at least 5 years now and liked what I read in the last annual report.

If you read Synstrat newsletter, you will notice this writer, who is running a business on advising transactions buying and selling dental practices, blasted(probably he was pissed when ONT got the deal while he did not) on ONT many years ago on the same assumptions kinggee made. However, he subtly changed his tone over the years and recognized that ONT is the best run dental group in Australia. He also acknowledged that ONT is known for its tough negotiation tactics and insisted on not overpaying. Dental Management is actually a difficult business to be in because the main assets here are people. You cant just fire someone and replace it the next day like McDonald's. It seems to me ONT has figured out how to balance the priorities among dentists, employees, management, patients and shareholders. I learned from the books that once a business model in a very difficult industry has proved its viability, then it has a long runaway ahead, especially when the industry is very fragmented. From an earnings perspective, ONT is not cheap; but if you think of it as a platform, I believe ONT is actually undervalued as long as it can sustain its acquisition program. But that is a big IF. And this is why ONT's share price has not moved for a few years.

I also own a lot of FID which is similar to ONT but is considerably cheaper and in a different industry. It has the management which shares many traits with ONT's and its main growth driver is also acquisitions. The only concern for me is that if FID can find enough acquisitions going forward.