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That has been the story for well over a year. I’ve watched this climb to almost £9 a share last

Summer and all the way down to where it is now. It’s worth less now in terms of market cap than it was before several takeovers , all of which were earnings accretive. So there’s no question that it is undervalued. But like other oil services companies its share price seems to have mirrored the oil price and to some extent has been impacted by geopolitics. In terms of balance sheet and key metrics this is a steal. But it has defied that view for many months now. On past history its well overdue a further acquisition. I wouldn’t be at all surprised to see some activity on that front in the near term. Patience will be rewarded here, I feel.

It remains unclear why the sp jumped so significantly. But at least, it has held that new level and not fallen back.

What will it take for the market to appreciate the value of SNX? On occasion, I feel like I’m losing the faith but remind myself of the virtue of patience in investing.

The company must be due to give an update on the status of the strategic review imminently, I’d have thought?

I disagree. The company is delivering. The market chooses not to recognise its value. That’s hardly the fault of the company. Sometimes patience is needed and rewarded

There’s been a lack of momentum and news flow for quite a while. I’m concerned that the company will not replace the iTrack revenue from Bridgestone at sufficient pace as that arrangement winds down. Failure to do so would be terrible for the share price which remains languishing from its previous high. We’ve had some reasonable progress through third party agreements but we need to see material revenue generation from SAWsense to move the needle here.

I'm surprised given the recent strong results and this latest successful exit that the shares haven't pushed on. They are at a significant discount to NAV and, frankly, a bargain given the business's strong investment record.

It’ll be interesting to see where the sp settles ahead of the trading update which I expect will be issued anytime within the next four weeks. These could easily fall back significantly if that update doesn’t give some definitive news on some of its portfolio in terms of funding, planned exits, increased NAV. It can’t afford a “jam tomorrow” update.

Disappointing to see this drifting back down after the tonic of a strong trading update. No obvious reason why. This remains significantly undervalued.

It’s not immediately obvious what has cause the significant jump in sp over the last two trading days. Yes, there’s been some decent director buys, which is always positive, but I doubt that would lead to increases of this level. No other news that I’m aware of.

No update from Simon Thompson. Last article was a positive one back in March 2025. He tends to provide updates following trading updates / results.

Notable that Mirabella increased their short position this week.

Paul Hill made a good observation on V o x m a r k e t s a couple weeks ago. He was optimistic for MPac on the back of all the onshoring and investment taking place by manufacturers in the US. He felt there was obviously a market opportunity for MPAc to secure orders for their automation equipment. We may not see that filter through for a bit but it seems a fair observation.

That’s two separate sets of director buys in the past few weeks. Positive sign.

Unfortunately, it’s been slow and steady downwards. 230p feels like an awful long time ago and the drop since then vastly overdone just because a couple of contracts got pushed back. The business has interests in a number of highly

Promising areas. It just needs time to deliver on some of these and this should recover significantly.

I agree. Good, solid results. A disappointing response from the market. This feels like a good, solid long term hold.

Just noting LSE reporting there are 8 shorts now, down one from 9. Maybe a blip, but at some point a trend will emerge and hopefully lead to a reversal in fortunes for the sp.

It’s worth making one further point. Ashtead made a number of acquisitions in 23 and 24 (indeed, by their track record it wouldn’t surprise me to see more acquisitions soon). All of these were earnings accretive and their integrations into the business have gone to

Plan. The share price is lower now than when those aquisitions were made. There’s considerable value that is not recognised in the current share price.

Despit your optimism, Rojen,

The sp is down from over 800p last summer to where it is now. I’m mystified as to why but have to admit that the shorts have played a blinder on this so far. Most of them increased their position in 1H of Oct so I’m not optimistic in the short term. Long term hold for me as I do think that eventually this will recover, but perhaps not until we see glimmers of the oil price increasing or ftse small cap funds taking a position when they see how undervalued it is.

I have a number of energy stocks most of which are services business within oil and gas and renewables. Although in many cases their link to the oil price ought to be indirect / tenuous they are all languishing somewhat like Ashtead tech, albeit not subject to shorts. These seem to be playing out as a proxy for oil.