Results yesterday in line with my expectations albeit quite messy with the acquisition and some one-offs. I expect the returns on capital to improve significantly over the next could of years as the exit of UK plays out in the financials and the synergies from the recent acquisition come through.

Strong equity markets should also help, but that can change in a dime.

$60M plus in EBIT should be doable for an EV around $1 billion currently. For the type of business i think its attractive.

I can see this being attractive to private equity if doesn't rerate - albeit looks like it is starting too. Very illiquid stock for the size.