net profit up 30%, page-4

At these prices, no intention to sell, however must say not convinced about the quality of the company (which is different to value offered via the sp). They book a lot of revenue, but not much falls to the bottom line. Does this reflect bad management or the industry more generally? Does this mean there is massive untapped upside that a better management team could deliver on?

In short, at these prices, perhaps company still cheap and Maui & MND represent potential takeover premiums, but not convinced that it is a quality, well run business.