RE:RE:DCM vs SXP
Capharnaum wrote: What you are calculating isn't an adjusted EBITDA, it's an ajusted cashflow measure.
Supremex sells goods while DCM is more of a marketing company. Different risk profiles.
Supremex and Data Communication are comparable companies. Both are in transition phase and are trying to replace "old" business with more profitable opportunities. Supremex is still mostly an envelope company with new business into specialty packaging while Data Communication is a print services company with digital marketing capabilities. Supremex has more interest bearing debt on its books while the operating cash flow before changes in working capital are very close. They have been compared to each other on the investor presentation provided by DCM management. I believe both companies to be deep value plays.
Adjusted ebitda is a "proxy" for operating cash flow before changes in working capital. I've made amendments to this cash flow measure to be more in line with past ebitda measures prior to ifrs-16.