Nice write-up - here are a couple of additional thoughts. Agreed FTG is firing on all cylinders fuelled by a combination of industry recovery driving strong demand along with well-timed M&A. Near-term the largest opportunity remains execution on increasing utilization at Holaday by returning staffing levels to pre-pandemic levels. Valuation (normalizing for only 2 months of acquired businesses and no synergies) remains reasonable.
Nice write-up - here are a couple of additional thoughts. Agreed FTG is firing on all cylinders fuelled by a combination of industry recovery driving strong demand along with well-timed M&A. Near-term the largest opportunity remains execution on increasing utilization at Holaday by returning staffing levels to pre-pandemic levels. Valuation (normalizing for only 2 months of acquired businesses and no synergies) remains reasonable.
Thanks for commenting.
I agree, it's a reasonable valuation. Strong operator as well.