We appreciate that Redde’s contract loss earlier this year has caused some consternation, but we cannot reconcile the current 8x PER valuation which we think is too deeply discounted. Finals are in line, and several events reinforce the quality and integrity in the business model. We make no material change to earnings and observe the indication that the dividend will be maintained until working capital has been released – resulting in a flat progression. We see considerable shareholder return; ....
