tga is better than portrayed, page-2

This is exactly right!

I usually use the 5years myself, but you can't just apply blanket rules and found that I have to investigate further before just completely ignoring a company. From memory, TGA have 4 years of GREAT history, so I ignored that last year as a requirement.

In addition to that, I remember briefly looking @ Morningstar stats and seeing that TGA had 27% debt to equity, which is now crap because of the capital raising event that occured after the acquisition of NCML. Now that they're back to virtually no debt, it makes it far more attractive for me.

In light of the incorrect financials being shown through Morningstar data, I went (as I always do anyway) and derived my own data sets for the previous 4 yeasr through annual reports. The company actually looks MUCH better through these than they do through the standard reporting mechanisms...

Due to the length of time that TGA has been in the undervalued basket (IMO), they're now a good 30% of my holdings...

And overall, the worst thing that can happen is they don't grow and I get a 6%-ish dividend on my money - about the same as I'd get in a term deposit anyway. Overall a win-win situation in my mind.

P.S. For any potential buyers - The thing that made this company worth so much more in my mind is that TGA are able to get paid DIRECTLY from the unemployment office. As soon as a company has this sort of position in a country like Australia, I find it hard to see its revenue decline.