Cormark's Comments Sangoma's Q3 was steady with solid growth in services, stabilization in product, expanding margins and improved FCF generation. In addition, the implied Q4 results align with our model. STC is well positioned to grow its recurring services revenue by 10% organically, further expand margins and pay down debt. We continue to think the current FCF yield of >20% is far too high for a healthy, growing and highly profitable business with a clean balance sheet. Our target moves to C$14.00 from C$17.00 as we lower our multiple, given general weakness in small cap tech, but we maintain our Buy rating.