Tangelo Games Corp. IPRSF

Valuation

[lscfa]

ebitda	18	2016 guidance
int	10.608	68 mil us x 12% x 1.3 fx
inc b/f tax	7.392
no income tax	0	$25 mil of tax loss carryforwards
net income	7.392
shs o/s	177
cash eps	$0.042	ignoring amortization
cash flow multiple	7x
fair value	$0.29

[lscfa]

Cantor valuation in Nov 2015: We are initiating coverage of Imperus Technologies Corporation with a BUY recommendation and a DCF-based one-year price target of $0.50 per share. LAB currently trades at a C2016 EV/Sales of 1.7x and an EV/EBITDA of 6.6x vs its Global Gaming comparables at an average of 3.2x and 12.0x, respectively. ev =18 x 12 = 216 less 68 mil US debt x 1.3 fx + 6 mil in cash

[Champ87]

Wonder what Cantor is going to say about the decrease in projected revs for 2016?

[GeraldH]

EBITDA? yabadababankruptcy there's your ebitda. come on guys, lets make some money here today!

[TooTall00]

I'm sure you will or I can come to you tough guy. Let me know where you are. I swear I'll fly over, I swear I will................

[willis888]

Here we go again.jerrystackhouse has now resorted to threating people again.Exact same thing he did before when he got punted from the board and geniously changed his name to GeraldH.Brilliant he is. The AGM is June 22 in Toronto.We can all meet there!

[TooTall00]

Thanks Willis. We knew Jerry would show his true self. Hope Lab can get the investors behind it and get the sp moving.

[lscfa]

$18 mil ebitda is for all of 2016 but assume growth from qtr to qtr (e.g. 3+4+5+6=18)..... so LAB exists 2016 with a run rate ebitda of $24 million (4 x 6)..... and an exit run rate eps of $0.07566 x 7 multiple => $0.53 stock price..... this is is close to Cantor's 12 month target price of $0.50

[TooTall00]

Thanks for posting Lscfa. Great post. Hopefully the market realizes what we've known all along. Even going all the way back to the painful days of the DIwip purchase.

[Seadooxp1]

Any insight into why the sp has not moved?  If positive Q1 numbers come out, do you think this will get the sp moving in the right direction?

[lscfa]

With headlines like those shown on stockwatch LAB is flying below the radar..... Recent Bulletins Date ET Symbol Price Type Headline 2016-04-25 19:34 LAB 0.09 SEDAR Audited Annual Financial Statements SEDAR Audited Annual Financial Statements 2016-04-25 19:34

[wasagastar]

During the CC the CEO said something important. In a few weeks (2? 3?) he would begin a monthly stock buying program. This is significant because its insider buys from the CEO. It also tells us that in a few weeks he will be out of black out period - which means, they will release Q1 within a couple of weeks. Q1 should show around $3m in ebidtax. This combination of events (Earnings release and

[Seadooxp1]

Thank you for the comments.  Hopefully well see somer positive movement by mid May.

[lscfa]

Some investors focus more on balance sheets than income statements. Just look at IT.tsx.....it is cash flowing hundreds of million of $ annually which is many multiples of the interest it pays on its debt yet investors only see the large debt o/s and so the stock trades at < 1/2 of analyst targets.... LAB's $68 million US debt is the focus of many investors but the $18 million Cdn cash flow