RE:RE:EV to Ebitda Valuation of DCMI agree with a lot of what you're saying. I think they can do $40m -- by shrinking to greatness. Cost cuts, business mix improvements, etc. Adjusting for leases, we could get closer to $30m of EBITDA.
As for the debt -- I think DCM can generate about $12.5m of FCF in 2021. I can also see them converting about $10m of receivables to cash with the BAR program. That will get them close to $45m of net debt next year (I'm assuming there will be restructuring/provision costs).
All said, a few more good quarters...and people will start believing it. If you apply a 4x or 5x multiples, this comes out to a $2 to $3 stock...still lots of upside.
And, like you said, the more debt they repay, the higher the earnings and the lower the stock price volatility.