If you read the MD&A, they disclose the revenues from Frisco, Reading and the Australasian unit and you can do the same math that I did.
I disagree with you assessment of lack of organic growth across the entire business. The Transportation Europe business had 14% revenue and 19% EBITDA growth on an organic basis. Lead only added $3.2mm to revenue. If I exclude that, the company still had 12% revenue growth. Did currency help? Sure, but one has to keep in mind that European economy is just starting to grow again, so in light of what were declining economies in several parts of the Eurozone, that's a decent result.
The Industrial Energy US business had 6% revenue growth and 65% growth in EBITDA. Read the MD&A and you'll see that the revenue growth there was due to meaningfully higher UNIT sales.
Am I arguing that the transportation businesses are going gangbusters? No, but we're talking about a seasonally slow period and one that included the impact of Vernon still not operating at full capacity. I'm expecting the December and March quarters to be much better given cold weather in the US and ongoing improvement in the Eurozone.
If you believe that the enterprise value has declined 33% or more since the last BK, then you should not own this stock. I personally disagree with that view given the company has $1.9bn of tangible assets and almost $1.2bn of gross PP&E. Management mismanaged the company, but that doesn't mean value can't be resurrected with a good couple of quarters and appropriate actions in terms of cost reductions and potentially asset sales.
