For many years Metrofile, with its steady and predicable income streams from document and records storage businesses, was a wonderful stock for widows and orphans. It offered a simple business model, solid and dependable cash generation and fat dividends.

In 2016 the share price traded at over 500c, with an earnings multiple of 16 and a dividend yield of 6% (based on earnings at the time of 30.5c a share and a generous dividend of 30c a share). For a small-cap share, in a period when small to medium caps were coming off the proverbial boil, that was a juicy rating. It was a low-risk company that, operationally speaking, left little to chance.

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