If anybody is doing the math......they'll be able to that see the potential upside is still massive.
If you exclude the positive impact from IFRS 16 to EBITDA, a base EBITDA is roughly $30 million. I assume the company will be able to generate that type of profitability next year (IFRS 16 will add $10 million). Excluding leases, net debt stands at $60 million.
If you apply a 5x EV/EBITDA multiple, that gets you a $2/share.
We are a couple of quarters still from the company having 'fixed' its balance sheet. But, when it does, it's not impossible we see the company initiate a dividend next year.
At that point, the stock will rip.
What we saw in the last couple of weeks was a few investors coming to that realization.
The run next year will be much steeper.