Savaria Preliminary Numbers - Comparison to VMDSavaria just provided its estimate on 2018 Q4 and yearly numbers. They missed on EBITDA guidance and stock is taking a hit. Even with the hit, if you look at the run rate of both companies, you get a valuation for VMD of around $8. SIS Q4 EBITDA annualized run rate of $1.156 per share while VMD is $0.70 (Canadian) per share. If VMD was valued at the same multiple as todays lower SIS price, VMD would trade at about $8 ($9.25 prior to SISs drop this morning). In the end, this is only a relative comparison to assess the relative valuation of both companies. I believe SIS has a much longer history and more institutional share ownership, so that will impact valuation. Both companies have different risk profiles as well. Not sure VMDs is any worst as it does not have the multi country and integration issues but does have the overhang of rate changes to a portion of its revenue base.