Element Financial Report updated

Element Financial is updated and rated Speculative Buy at $17.50. This company has grown by acquisition at a huge pace. Barring higher loan losses or other problems it should report significantly higher earnings in the next year based on its current book of business. I am bothered that he company seems too aggressive in adding back items (stock options and compensation related to acquisitions) to arrive at its view of adjusted earnings. But overall I consider it to be a Speculative Buy. I would take a huge position but I would be comfortable with making a modest investment.