Ann: Goldman Sachs Presentation, page-5

i agree veecat.
the bright outlook that drew me into taking a long position around 7.00-8.00 a year back is still intact.
it is unclear where the sp will be in 3-6 mo ths but it will be north of $12 in 12-18mo ths as long as they continue to execute.
if they can double ebitda as expected over the next 3-4 years from 80mill to 150+ then sp will be well above current levels.
there is execution risk short term on thomas cook and growth/ m&a in the b2b hotel rooms segments, but if they can execute according to plan then we will be handsomely rewarded as patient holders.