Not the core business BUT it's the business where the margin % is the higher in TESS business (20% ebit margin) ... L.Tack is a great capital allocator and the T.Power1 project was a proof. Using the cash at a 20% ebit margin is better than using it in the industry sector :)
Yes but no synergies. By doing such diversification you build a conglomérat. Then you need to apply discount to instrinsic value. I’d rather have a company focused on 2-3 core markets that one extending in adjascent (even if more profitable) markets with no synergies.
Oct 16, 2021 · 11:21 AM UTC