I will be a buyer soonSold yesterday @1.39
No rush in getting back in: this is tax loss selling season, might have more downside.
But the business is stable: net debt decreased from 160MM(in May) to 150MM(in Aug) to 143MM(now).Taking in account of the currency(Euro) drop, that is still a decrease of 10MM of net debt.
By my estimate: net debt(without significant M&A) will be decreased to 120MM by 2017 year end.
2017 year end run-rate EBITDA is 48MM*0.6*2=57.6MM
6Times EV/EBITDA(very conservative): Value per share=(EV-NET DEBT)/111MM(SHARES) =(57.6MM*6-120MM)/111MM=$2
Once again, this is a very consevative calculation: TD estimates net debt will be decreased to 100MM and 2017 EBITDA is 49MM.