You seem to agree with me on most points, but with a negative point of view attached.
My point is that this business is as steady as a rock but seems to be falling like one recently, and peoples sentiments on this board match the way the share price is going.
I agree the business isn't fancy, and maybe its core business is slowing (UKPIL < 2%), but this is offset by a 9 % growth in GLS, GLS revenue is now almost a third and growing. The company is adapting itself to become more cost competitive with investment in new sorting mechanisms, which will allow costs to come down. I also see purchasing of overseas companies in Spain and California, so from my opinion the company is not standing still hence is not in a structural decline, so to add the spin of 'the decline might be accelerating' is the unnecessary negativity I am talking about.
I did not declare the stock was cheap, I merely stated there was ~£5 in equity per share (which is growing ~ 10 %/annum since going public), and there are no real nasty surprises in the cupboard, so in my opinion this is a safe defensive stock.
I also sent the message to get other peoples opinions as well, to see if I am missing something major, and to create such debates which are always healthy to have.
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