god news day!, page-78

"Fear mongering" has it's place - I actually quite like it, it forces me to question my investment case.

ROE is actually inaccurate because the Vocus/M2 merger only took place in Q1, so you've got less than half a year's worth of earnings from M2 included in that calculation. Since then, management have given guidance of $95-100m EBITDA per quarter, and also announced that sales have exceeded targets. My suggestion would be to make the appropriate adjustments and re-calculate accordingly.

Also - the M2 piece was a merger, not an acquisition. Changes the accounting and resulting debt load.