Protasco – more is not necessarily better
The history of the Group can be traced back to the 1990s when its founders started the road maintenance business. Since then, Protasco has diversified and restructured so that in 2023 it reported its performance under 11 business segments.
Protasco's performance had declined over the past 12 years. Although the Group had tried to diversify into other businesses, the road maintenance business is still the main revenue and profit contributor.
While there is a margin of safety, (the stock is cheap) the business fundamentals are not that good. I think there are construction companies with similar margins of safety but better business fundamentals. For more insights refer to page 19 of INVEST shareinvestor.c...
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