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31	member 12/29/23 11:02AM Re: Author Exit Recommendation 30
ThatDu04, why the exit recommendation? view available tags
28	member 7/18/23 2:03PM Results
Any view on the recent results that the company reported? view available tags
26	member 4/19/23 4:06PM Re: Re: Re: Re: Short thesis 25
I agree with your points. On the CRE - I think they could see a slowdown from less new buildings being built / renovated. My understanding is they make more money on the first assessment... login to read the rest view available tags
25	member 4/19/23 10:02AM Re: Re: Re: Short thesis 24
I agree with most of your points. I think this is a stable business and 2x leverage is low in my opinion but I also appreciate that some investors, especially UK AIM investors, don't share 2 view available tags
24	member 4/19/23 9:49AM Re: Re: Short thesis 23
Also interested in hearing more on short thesis here- I thought recent CMD was positive (stock +10% since) with increased disclosure on the components of the 'one-off costs', why they were necessary, the cost savings they... login to read the rest 1 view available tags
22	member 4/19/23 7:21AM Short thesis
Seems like Soros is shorting this, in addition to GLG and some others. Do you have a sense of what is the bear case? Perhaps a mix of overly adjusted financials, CFO turnover, and exposure 2 view available tags
21	member 1/03/23 11:41AM Re: internal m&a team 18
I don't recall the exact number (will ask) but believe they have 7-8 M&A employees at the head office whose only role is sourcing deals. In the June 2021 presentation they claimed that they sourced... login to read the rest 1 view available tags
20	member 1/03/23 11:35AM Re: Historical organic growth 19
Thanks for the detailed question and apologies for a delayed reply as I was out of pocket. I have one quick question on your numbers. I've only had time to spot check the last 2 years... login to read the rest 1 view available tags
19	member 12/28/22 12:19PM Historical organic growth
I tried calculating organic growth from 2017 to 2022 (years where you have enough disclosure) and I am getting to around 3%. Calculations below (I used the Modified Dietz methodology to account for the organic... login to read the rest view available tags
18	member 12/19/22 11:51AM internal m&a team
Do you have an idea of the cost of the internal m&a team included in the restructuring/acquisition expense? view available tags
16	member 12/14/22 2:56PM Leases and other questions
Thanks for the interesting idea! I have been looking at the accounts and had a couple of questions: 1. They had 10m in lease costs in FY22 that under IFRS 16 they are capitalizing, but they... login to read the rest view available tags
13	member 12/06/22 9:33AM Re: Re: Re: Re: Management compensation 12
You can add up all acquired EBITDA and look at the delta to run-rate every year. The business is growing organically. Marlowe provides way more disclosure than any company on the AIM I've ever seen. view available tags
12	member 12/06/22 9:29AM Re: Re: Re: Management compensation 11
We were short Future Plc and it shared some of the same characteristics of MRL, hence my questions about working capital. Also - it's virtually impossible to ascertain with some degree of confidence what is... login to read the rest view available tags
11	member 12/05/22 12:35PM Re: Re: Management compensation 6
Just to give another perspective on the compensation/management side of things, a couple of the non-execs are Rachel Addison and Gillian Kent. Rachel Addison was formerly CFO of Future Plc, a media rollup with a... login to read the rest 8 view available tags
10	member 12/05/22 11:14AM Working Capital moves
Hey ThatDu04, thanks for the write up, I wasn't familiar with this business and looks interesting. I had one question/observation. Over the last 4.5 years, Marlowe generated negative cumulative WC moves of nearly 50m. When I look... login to read the rest 3 view available tags
9	member 12/05/22 10:17AM Re: Re: Restructuring adjustment? 8
Thanks for the color ThatDu04. Couple of points I would add: 1. The TIC business is infrastructure-like. There are a lot of back-office functions that can be consolidated, but also a lot of trucks, labs, and testing equipment... login to read the rest 1 view available tags
6	member 12/04/22 5:41PM Re: Management compensation 5
We’re very comfortable with the incentive structure here. It’s long term TSR over the index. Also, Dacre’s personal stake in the business is way larger than what he can earn via options/rsus. He’s been a view available tags
5	member 12/03/22 9:51PM Management compensation
hi ThatDu04, thanks for the writeup. Would like to ask your opinion regarding whether you think compensation based on total shareholder return is appropriate? I've generally had my reservations on companies that do that (as view available tags
2	member 12/02/22 4:39PM Recent weakness?
Thank you for the interesting writeup. Can you shed some light on the most recent earnings report a couple of weeks ago and why the stock is down 35% since then? view available tags
1	member 12/02/22 4:09PM amazing business
The one thing I would add is that this business is all about local scale. That's the economic engine of the business. On the TIC side, local scale allows Marlowe's technicians to perform more services per... login to read the rest 2 view available tags

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			2022	2023
Price:	4.80	EPS	45	0
Shares Out. (in M):	96	P/E	11	0
Market Cap (in $M):	460	P/FCF	10	0
Net Debt (in $M):	156	EBIT	65	0
TEV (in $M):	669	TEV/EBIT	10	0

Description

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