In our view, travel franchise business Helloworld Limited (ASX: HLO) provided one of the most positive results of the recent reporting season, announcing earnings before interest, tax and depreciation of $25.3 million. An unloved stock over the last few years, the company has been a perennial underachiever with declining earnings. We believe in the ability of the new CEO Andrew Burnes to turn this business around by stabilising the retail network, renegotiating more favourable commission and override deals and executing targeted cost savings. Shares in HLO closed at $4.90 today, up 45% since announcing its results on 25 August 2016. We bought shares in June this year at $2.80 as a research-driven investment. We hold shares in WAM Capital and WAM Research.


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You should have informed us once you bought in instead of telling us when it is up 45% now.