RE:Market Savvy ManagementI wanted to clarify a mistake I made in my previous post. The company does not exclude depreciation of capitalized development costs from its EBITDA reconciliation. So, in effect, EBITDA is a "fair" number and therefore includes all costs associated with R&D spend.
With that being the case, I don't think there's a reason why you can't value this business at 10.0x EV/EBITDA if growth is expected to exceed 15% (and likely more than guidance, in my view). As the market comes to appreciate the company's growth and expanding profitability, it would be conceivable to see the shares trading at $1/share in a year. Acquisitions would likely add upside to my target.
Despite the recent run up -- there's another double here.
Great job from the management team.