Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi MM Team, I appreciate your honest, cop-it-on-the-chin decision to offload ORA on their absolutely horrible update & share route. Respect! Why do Aussie companies have so much trouble swallowing French businesses? RHC & ALX come to mind. Keep on working. Glenn
Thanks Glenn,
Our thesis was around the potential for Saverglass to improve the group more broadly, which, could play out, but not in the time frame we thought.
Any acquisition is complex, and you find things under the hood that no DD process can uncover. That then gets amplified by scale and then further again, when it’s an international business. We still think there is value in ORA, and the acquisition made sense, just the timing got us. We’ll be keeping a close eye on it, and we might have another tilt when there is more certainty around what lower earnings mean for their balance sheet.
You are right RE RHC and ALX, we own the former but we think things are improving there, however, it has taken longer than anyone expected. A lessen we have absorbed when making the call to cut ORA sooner rather than later.
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