Good reflections, but I somehow don’t believe in a takeover bid simply because Alex has such a large ownership stake. As you said yourself, “Alex is playing the long game.” Conficap would probably be happy to offload their shares if they could break even, but regarding Alex, I believe more in his desire to prove success in growth.
As for the company itself, the balance sheet is certainly in good shape, but I don’t know if it’s the market or what, but that promised growth just keeps being deferred. For a long time, I personally expected to see moves through inorganic means, but that has remained pending as well. I’m happy to buy into the outlook, but having learned from recent years, I’ll just say: waiting for the next crisis.