RE:Wow!While the acquisitions in Alberta are outside of the GTA and Vancouver bubbles, they are in Alberta. Alberta comes with a possibly even gloomier sentiment. I personally love the acquisitions (though I would like to see numbers on the latest one), but I understand why the market doesn't. The thing is, you never outperform by going with the herd. In this case I think the market is very wrong, and I'm willing to bet I'll be happy owning a big position in Atlas.
Right now Atlas is looking at $20 millionish in sales run-rate, and at 10% net margins (lower than now so I think it's very conservative), Atlas is trading at P/E of less than 8 even accounting for some more dilution. 8x earnings while growing organically 20% in addition to the cheap acquisitions is absurd.
A catastrophic housing crash could cause issues, but with the balance sheet and diversification now I think Atlas could weather the storm and probably come out of it stronger on the other side.