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What are your thoughts on Envirostar after the 4x runup in the past year. They've executed well on their buy and build strategy with 2 acquisitions in the last year, but at what point will you say its too expensive?
ReplyDeleteI thought it was too expensive at $20/share, so it appears expensive now at $36. But if they can continue to use their expensive stock to acquire companies, it won't appear expensive in hindsight. What do you think is the catch in this strategy?
Correction: so it appears expensive now at $33 (not $36)
ReplyDeleteA short report just came out on EVI. Was curious, if you had any thoughts.
ReplyDeletehttp://www.sprucepointcap.com/research/