Good work.
What you have missed, which IMO is vital, is how much capital has been used in these last five years. Bearing in mind in 2007, BSA generated much better results with little to no debt. Then the HVAC madness started.
You can get an indication of how the sector is doing by looking at Norfolk. It is now close to 5 years, how much more time does management deserve?
Everyone says time will tell. Well, according to someone much wiser than me, "Time is a friend to a great business, and an enemy to a mediocre business." Just look at the ROE and ROA figures. I bet you their cost of capital is double that. Every minute that goes by is another minute of shareholder value destruction.
market update, page-21
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