Up 20% today, so a bit of excitement it seems. 

The investor day was in person so I missed out but the 51% stake in VIZ for $1.4m and announcement of up to a 10% on market buyback look to be good uses of the rather large cash pile they had building up (~$30m).

The expansion into offering insurance via the “VIZ Tradie Pass” is on brand and strategy as previously guided by management so I can see why investor like it. It shows the TAM expansion strategy is for growth is happening. The company has call and put options to acquire the remained over four tranches based on EBITDA margin targets.

It’s good to see a board use a buy back when the company is clearly under valued buy the market. I expect as owner operators they will use this facility only to extent it remains undervalued.

In terms of the Investor day presentation the improvements in MAA from the Feb update was encouraging:

Compared to 24 Feb presentation:

They have a lot of platform offerings to expand into:

If anyone was able to make the investor day I would love to hear feedback.

Disc: I own RL