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23	member 10/15/18 4:40PM Re: private equity bid 22
I agree which probably means something terrible is going to happen. It would not surprise me if other parties have entered the data room as well, but i have no color to share as to 1 view available tags
21	member 6/06/18 1:43PM Re: Update 20
RPC confounds me. They have had solid organic growth, provisions and charges are declining and they have stopped aggressive M&A and have started returning capital to shareholders. However, every quarter there is something new to... login to read the rest 3 view available tags
19	member 1/22/18 8:09AM Re: Getting reacquainted 18
RSJ, Thesis hasn't changed at all - we like it more and more the cheaper it gets. If management's current strategy is predicated on a higher share price in order to continue consolidating Europe, the depressed... login to read the rest view available tags
18	member 1/19/18 5:23PM Getting reacquainted
Aviclara - any change in the thesis since the original post? I see the commentary below but any other reasons for the recent pullback? thanks. view available tags
17	member 12/05/17 8:43AM Re: Re: Re: Re: Re: Re: results 15
To your point HTC - that’s why I used BERY as the more illustrative example, which is a continuing consolidation story with accretive acquisition driving the earnings growth runway. BERY trades at ~13x FCF and... login to read the rest view available tags
15	member 12/01/17 1:49PM Re: Re: Re: Re: Re: results 14
I think your analysis is reasonable. You think 19x FCF is the right multiple for this biz? Seems high for a company growing adj. EBIT 3-5% right? view available tags
14	member 12/01/17 12:24PM Re: Re: Re: Re: results 13
Below I included a bridge from consensus down to a reasonable FCF (although I don’t include WC in this analysis). Given it is underlevered for a roll-up strategy, I think its FCF should be compared... login to read the rest view available tags
13	member 11/29/17 5:55PM Re: Re: Re: results 12
I'm a bull and trying to value this on a FCF basis. How much free cash flow this year, and in the year ended 3/31/19 do you think they can generate? Not adjusted free cash flow,... login to read the rest view available tags
11	member 11/29/17 1:18PM Re: results 10
The original bear case was predicated on inability to convert EBITDA to FCF. Given that exceptionals nominally stepped down from -92.9m to -38.7m sequentially (or 38% of EBITDA to 13% of EBITDA), I would have... login to read the rest 3 view available tags
10	member 11/29/17 12:38PM results
Any thoughts? view available tags
9	member 7/20/17 9:09AM Interim Statement
The company put out a positive interim statement on Tuesday. The Company seems to be responding to shareholder concerns and provided some reassuring comments. Highlights below: 1. Revenue for the 1st quarter was GBP 960m -... login to read the rest view available tags
8	member 7/13/17 11:05AM Re: Re: Issues + additional Qs 6
Thanks. Point 1 I agree - I hadn't done my own math on this yet and what you say makes sense, seems like a silly mistake. To be clear I thought a lot of their points... login to read the rest 2 view available tags
6	member 7/12/17 3:02PM Re: Issues 5
The note from Northern Trust has very little new, and what it does have that is new, is comically bad. Going to respond to your three points, but will dig further into his errors in... login to read the rest 1 view available tags
4	member 7/10/17 6:08PM Re: Couple of questions 3
1) Having spoke to management a few days after earnings, and then again when they were in the states marketing a few weeks later, their tone seems to have changed - they seem to have... login to read the rest 1 view available tags
3	member 7/10/17 5:32PM Couple of questions
I read the short write-up from 3/22/17 and your write-up as well. 1) Has management stated they intend to take a pause on their M&A spend? Or consider use of cash to buyback stock at these... login to read the rest view available tags
2	member 7/10/17 4:37PM Re: Short seller report 1
1. Our belief that this is not a typical sellside research firm but is more akin to something like a Rice Voelker, a small regional broker (if you are familiar with them) who sells ideas... login to read the rest view available tags
1	member 7/10/17 3:59PM Short seller report
Thanks for the idea aviclara, few non-fundamental questions before i start doing some analysis: 1. Any sense of the reason for the short seller report? Like you said most sellside firms don't embark on "bear raids". 2.... login to read the rest view available tags

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			2016	2017
Price:	42.75	EPS	0	0
Shares Out. (in M):	74	P/E	0	0
Market Cap (in $M):	3,183	P/FCF	0	0
Net Debt (in $M):	0	EBIT	0	0
TEV (in $M):	0	TEV/EBIT	0	0

Description

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