Agreed. Need to get this added to FreeTrade. With recent sale of a subsidiary, they are now net cash. All quality metrics look good with ROCE > 30%. Proved resilience during lockdown and a lot less dependent on face-to-face training. Revenue split between the two segments (info/data and training/education is around 50/50 so a good level of diversification within the business. Compliance / regulatory training is quite sticky as well and not particularly prone to cyclicality. PE wise, it around 15x on esimtated 2022 earning which is by no means expensive. Judging by their latest spin off, I’d say it’s probably a bit undervalue.
Best of all, it’s quite under the radar so you don’t get the noise of rampers!
I already hold a small position in Hargreaves but hoping to add more on wider market weakness.
@JamesBell Any chance of getting this added to the list soon?