IPO is unlikely until VGW can string several years of 17.5%+ EBITDA margins. Potential US investors won't pay up for a company with EBITDA margins bouncing from 19.9% to 11.4%. Now the company has scale it needs to demonstrate consistency. I suspect we'll be relying on dividends for a while.
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IPO is unlikely until VGW can string several years of 17.5%+...
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