Good read. I have few points to make- a) You should look at the company from EV/EBITDA and my sense is it is not cheap. b) It trades at a lower multiple than its acquisitions- its last acquisition was some 7-8 times EV/EBITDA and hence the value destruction for the Rain shareholders. c) The Management is not shareholder friendly. In the last eights years, it has done two acquisitions with no change in equity valuation, no big dividend and very small buy back. Why is the Management not concerned about the low equity return to the shareholders? I agree that it does not matter if the company has not given returns in the past, but it does reflect the Management thinking and their low concern for the shareholders. I am sure all the existing institutional shareholders are also very disappointed.
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