I am more interested to know what you see. Hence the post. Given the performance of packaging companies, Gundle must have a chance. Were she to flog her industrial segments (including Gundle) to various potential suitors, she would have 10 small trading companies left (and a portfolio of property.) They all turn a profit except for T&E which is discontinued. At this point she will be debt-free and the investor will have paid less than nothing for an interesting group with growth potential. The company is closely held so management has a real interest in succeeding. This company will benefit from a weaker rand. Ironically, her specialist supply and support units have fair pricing power but only in a buoyant market ie. when you need her services or goods, you are going to be made to pay. That means that if she turns the corner it will be very aggressive and sudden. There are other such companies. I have "bottom-drawer'd" small positions in these too. I "collect" positions in small conglomerates and put them away. Would I buy this if I were conservative - No!.Would I short-list this in my top 20 "must-haves" - No! I see a punt for a bit of fun and variety.