TMG ... the Cassydora link

I am not sure that these are fair comparisons for TEL. I know a bit about EVS and that isn't comparable.

The basic problem for TEL is that its strategy is to acquire similar companies in a fragmented market. In order to do that sucessfully (in a mathematical sense at least) it has to be able to do one of two things. It either has to be able to buy companies with cash it has generated or it has to buy them with shares that are more highly rated than the companies they are purchasing.

Neither of these conditions apply at the moment. Once (if) they do begin to apply though I can imagine the shares moving ahead strongly.

I agree more or less with Stemis's figures. The unknown of course is Cassydora. Edward Smyth was given £1.6m, at 7p a share, for Cassydora. So I think the idea of £45k payback next year is pretty conservative. I would imagine they bought him in on a prospective P/E of 4. In which case I would expect a PBT of closer to £400k for next year from the Cassydora connection.

That may well be hopeful thinking but it was essentially a deal with very little clarity as far as us Joe Punters were concerned. I don't think we will be any the wiser till the interims in April.