Good follow through price action on Day 2, though it's been a strong day for markets in general.

As someone who was a massive critic of the PFS deal from pretty much the day it happened – no one gives something away for half price unless they are a very motivated seller – I was happy buying this IRL and on SM in the early part of this year.

It was being priced like it was going bust, but the GPR and Gifting businesses have remained wildly cash generative and the balance sheet is OK. The benefit to EML being a market darling in 2019 was that they were able to buy the disastrous PFS using equity (the original deal was 17.5x EBITDA all funded by equity and still earnings accretive!) otherwise they probably would have ended up effectively wiping out equity ala SGH. Sometimes when things are priced like they are going bust, approaching the financials from the perspective of a credit analyst can be more insightful than as an equity analyst, imo.

Obviously now that it's back at $1 it's not as compelling as it was, but I'd still wager there's another 40%-50% from here.

Yep as one of those trapped holders IRL it is a welcome bounce however one can't help wonder whether it is a bit of false dawn, the results themselves weren't actually that impressive, yes a beat to the upside of guidance but still pretty uncomfortable reading. I guess it is a bit of indication that there is money on the sidelines just itching for the all clear on the regulatory hurdles and looking beyond the atrocious acquisitions.