Forge being Hammered

Of late we’ve been looking at many service companies, which are currently amongst the most unloved in the market. Though many trade at very modest earnings multiples, we’ve found few that have excited us. The difficulty is that these businesses are often very fragile. During boom times they mimic high quality businesses with attractive returns on equity and revenue growth. But when the tide turns, it's hard to find much tangible business worth on which to pin a valuation. Perhaps the most striking example of this vulnerability is constructor Forge Group, which has this morning resumed traing after securing a...

Of late we’ve been looking at many service companies, which are currently amongst the most unloved in the market. Though many trade at very modest earnings multiples, we’ve found few that have excited us.

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