Hi, I acquired as soon as Regal did. I have been watching this...

Hi,

I acquired as soon as Regal did. I have been watching this for ages waiting for the right moment and Regal are very smart operators.

I have this as having very little downside risk, with significant upside potential. As with vfrioni, I believe the most important trends to notice are with capital allocation over the next 12 months given the steadily building pile of cash. I am all for consolidation in this space (look at how Expedia and Priceline have carved up the travel booking market and look at their pricing power), and the strong cash position and excellent cash flow conversion will give somewhat of a war chest. By the same token, the main downside risks I foresee are with poor capital allocation.