Q2: 54% Revenue Growth and EBITDA Positive!!! Great quarter with growth across the platform with Property up 31% Health up 24% and a big bounce back in strategic Services business up 38% QoQ.
The fact they are now EBITDA positive will draw in more interest for larger investors as the growth has returned following the State farm separation a year or two ago and have demonstrated the scalability of the platform.
There is no way they only do 33M in sales this year. That would be only 8.2M for each of the second half quarters which is way too low given its current run rate revenue after 2Q is already over 34.5M. Estimates have to go up especially as they continue to add new clients to the platform.
With Corelogic owning over 25% of the shares and the Symbility business firing on all cylinders there is nothing stopping them from buying the rest of the company out once the standstill agreement expires in April. I don’t think it will still be a public company a year from now because larger companies would kill for a revenue growth rate over 50%.
The business is firing across all revenue segments and is stronger than it has ever been with a broad, well-diversified client base. I am buyer as this one is going higher especially as it is so cheap relative to its peers and the take a premium a year from now would be multiples of where it is trading now given its growth rate.
Long getting Longer