The main business of Ambassadors (NASDAQ:EPAX) Group is to organize international educational trips for school and college students. Few years ago it was a spectacular business that generated 30%+ ROE, however recently the revenue has declined sharply from $100m in 2009 to $50m in 2013. Decline in share price was even bigger from $16/share back in 2009 to $3.75/share currently.
A number of investors (including a few from SA) argued that share price drop was too big and that there is still material value left in Ambassador Group's operations and assets. The company actually seems to have most of the things value-oriented investors are looking for in a turnaround situations:
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