RE:RE:RE:RE:RE:RE:Entreprise familiale Pablo - I really enjoy reading these type of postings, they provide, most of the time, a new angle on how to analyze the company's situation.
Fully agree with your statement the cleanup of the balance sheet, increase of backlog and the infamous absence of a positive cashflow. This only highlight how bad of a situation the company was in.
Eric Martel took the job knowing full well that the family didn't want to be diluted... hence he knew the road to success, getting that first full-year positive FCF, would be a long one. Margins and revenue haven"t doubled but they have improved quite a bit (Even more so the revenue considering the have less aircraft types than before... hence a smaller customer base)
Reasonable debt and positive cashflow would have changed everything but then again maybe not, the old management, see CEO, would probably still be here and... better not go there, We all know how bad things were managed with rail, even bigger debt etc...
About the risk, of course they took some but they had to.. and I believe it was nice calculated risks. The got lucky with covid and the effect it had on private aviation but we had to have some good luck coming our way after the Boeing taxes fiasco.
I don't know what the competition is thinking but we're getting, Q4 results soon, in positive operating cashflow and that can only mean good things coming. (Keep in mind that 'It's difficult to make predictions, especially about the future'... lol.. always loved that quote)
GLTAL