This is basically a roll up of a group of property valuers – resi, commercial and rural – basically they have the market covered. They’ve been listed for close to 20 years and according to the website, providing services for over 100. Still, the business has a tiny market cap at just $25M.

While I want to believe there is some special education or expertise in these things, I cannot help thinking that looking at recent sales gives a pretty accurate guide. After all, the value is only as much as the next punter is willing to spend.

Looking at the latest quarterly it states the business revenue is linked directly to valuer availability. I would have thought in this day there would be at least some software smarts that delivers efficiencies.

Reading further in the quarterly, I see than it was a period of negative cashflow to the turn of almost $1.5M. I had only a glancing interest to start with (they have a job advertised which is where I started) and this has my interest waning. There is at least a reasonable balance sheet.

Maybe its an industry thing, but one of my pet hates is BS titles and there are many in this business. Executive Director this, Executive Director that, etc.

Real estate has been on a tear for years and its now coming off the boil. I wonder how much this will impact the business, but probably not enough to continue looking at this one.