RE:RE:Took time out to dissect the Presentation - CIBC is Wrong - Apologize. I dont think anyone can see the post properly. Anywasy to summarize.
Cash on hand expected after Q4 - 203MM. I expect 2 NI losses going forward. NOL tax carry forwards will be HUGE (and beneficial). I expect acquisitions to the tune of ~30MM a year. I also expect EXTREMELY negative growth rates of -10% a quarter to start (which is very unlikely) (-6% for North American Business and -4% for International).
Modeling Concordia was a pain in the a$$ and my model isn't complete yet as I haven't taken into account their tax structure (Most of the Deferred Tax Liabilities will NOT be realized because of NOL). The largest problem is that they dont have consistent data as well as they just finished combining Covis and AMCO. However I spent hours sifting through Scripts and other information - needless to say I think I'm comfortable doubling down. Obviously i will be revising the model when Q3 results come out and there will be adjustments.
FCF for the year was 409MM
FCF less interest was 129MM.
Liquidity at year end will be strong. Expect them to pay off ~300MM debt in the year to come. My two cents. Good luck to all.
Final point - These opinions are my own and mine alone. As well please do your own due diligence.