I think a CR is fine as long as it's a CR to acquire something...

I think a CR is fine as long as it's a CR to acquire something meaningful, and I think meaningful is what we will have. It's not fair value by any stretch, and if you want to go throwing around statements like 'the ATM market in India is highly competitive...' how about you quote some facts to go with it?

Hold on, I will quote some facts. There are estimated 30,000 ATMs in Australia versus estimated 100,000 in India. On a per capita basis, there is plenty of room to grow. India's middle class alone is around 300m people, 10x Australia's population. India is still very much a cash economy, whereas in Australia, we have moved on to paypass and so on, but India will be reliant on the good ol' cold stuff for a while more to come.

And keep in mind that TSi has tie up with some of the top banks in India + you get the upside shouly TSN make a complementary acquisition, say Mobile Payments...

Go with the smart money. Check my track record.