It was better than I expected, and does reinforce management’s strong working capital focus. Net cash now of $6.7m and with acquisitions on the agenda there is plenty of upside still in this story in my view.
Burke Air (acquired August '12) looks like it has performed better than expected and if management can keep acquiring these businesses on 3-4x EBITDA then this story may well be only at the early stage.
Looks increasingly like a little gem, trading on a mid, single digit PER which once recognised could quickly get re-rated.
A good, safe bet is my call and 30c to be reached near term.
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