I do not think RNWH has become a bad company, but my initial thesis was based upon the strength of its core niche nuclear related business. I believe that they have significant pricing power and customer retention in this niche and this underpins the business in a way that was not reflected in the price at the time I bought in.
Since then RNWH has made a number of acquisitions and has generally run the non nuclear side well. Or been able to demonstrate improvements on past issues.
Combined this has led to the strong growth in the share price. But having now met my (revised up) target price I do feel that the really valuable niche core has become less important (though not worth less individually) to the total business valuation so increasingly the price reflects just an engineering group with no longer a deep discount to intrinsic value. So I will not be revising the price up and will look to sell.