Don't agree. Have to work through the detail but 16% like for like growth is really good. The error seems to be the USA and in particular NYC. The company has just completed the largest investment cycle in it's history. It will take time to fix USA - WeWork is still raising cash regularly and TM who has rejoined SRV was great at IT and tech so the collaboration process they have with 15000 users will start to expand in my opinion.
I don't think we can as yet measure the USA turnaround we will have to look at the 2018 result to see the impact of corrective action. Personally i have just increased my holding and am happy with the result. It's exactly as they outlined at half year and at that time AM said they had just made a donut in December... I think that the second half put them back to stability and we can now look forward to hopefully getting some traction.
Mr market right now is punishing anything not showing growth in NPAT. Or sometimes confusing that with turnover growth. Personally much happier with a company with $100 million in cash and a conservative management team. The M family is all in and that's a good sign for me.
SRV Price at posting:
$5.90 Sentiment: None Disclosure: Held
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