RE:M PARTNERS, $3.50PT 2022 ebitda forecast = $3.50 x 112.5 mil shs / 11 multiple = $35.8 mil vs. $20.8 mil for 2020, 72% growth over 2 years.
Additionally, Protech is currently pursuing an uplisting to the NASDAQ which will increase PTQ’s exposure and accessibility to U.S. capital markets. As a result, we believe Protech presents a unique buying opportunity ahead of U.S. institutional fund flows. We are maintaining our BUY recommendation and increasing our target price to $3.50/share (from $2.50/share) based on 11x 2022 EBITDA (from 9x 2021 EBITDA).