Investment Thesis
The investment thesis here is simple: competent management leveraging operational team excellence, while adding value through corporate activities (think branding, tech stack and contract wins). The upside is a downtrodden share price providing a favourable entry point to a leading participant in the sector.
Looking forward, dividends will once again become substantial and growth stable, supported by a strong macro environment. However, growth at lower rates than historic metrics suggest is likely, as balance sheet strength is favoured to continuous acquisitions of smaller firms.
Brief History
This is one of the first articles