One year ago, I wrote that Hungary’s Waberer’s Optimum Solution was one of those corporate stories that you instinctively sensed would end with a change of ownership sooner rather than later. A sticking point, I added, could be its take-out valuation.

Is that time now, after a plunge for a stock that currently hovers around its all-time lows?


Its implied valuation is $140m, excluding net debt, which has more than halved in the past few months.

Let’s look at its latest financials, which were released ...

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