All the same there has been no material decline in TRS revenue...

All the same there has been no material decline in TRS revenue for 4 straight years. It may have lost 16m last year, but in the past 6 years it has earned between 12-19m net profit, with the average being 15m - Market cap is 54m. If, and its an if, TRS can get back to a profit margin crica 2% then the price will rally. 15m is roughly 50 cents a share, almost 30% of the current market price. On this assumption the current price multiple is 3.5.

Its one thing to say you wouldn't buy the stock and thats fair enough, it has problems and many headwinds, but would you short it as this price? You mean to tell me its impossible that TRS cannot return to a 2% profit margin - a margin they have achieved 5 times in the last 7 years.

The first sign of a revival this stock will shoot. This has been way oversold, I can understand though, who wants to own a stock with 'reject' in it that most recently lost money.


In at 1.87