PNI I have been following PNI since 2016 and I think it is the first time I see Ian so bullish. Not sure what to make of it. Obviously these results were really to show all the potential of PNI when they optimize the operating leverage and the tax rate (26.8 % vs 29.8 % the year before). It is quite impressive that, in just 1 year, they erased the limited growth of the year before and get back to the previous trend of growth on average 2 years.
My feeling is that holding/buying the stock now is basically a bet on the success of their international development. Given Ian's track record since the foundation of PNI, I don't see him taking a major risk by doing a major risky acquisition overseas. Also because it still owns 9.6 % of PNI. According to my understanding of the conference call, he is not that keen to do an acquisition in the short term if he can't meet physically his future partners. He would prefer to do a "horizon 2" (= build from scratch).
