RE:Q4 Released After Close today..CC Friday AmPress release is out. No surprises. Given how cheap this stock is...no surprise is good news.
2020 EBITDA is $41.5m. Excluding CEWS, is was $30.8 million. Excluding leases, it was closer to $20 million. I expect EBITDA of $32m to $37m in 2021 (including leases).
Debt repayment was $32 million in 2020. Net debt stands at $46 million. I think $15m of debt can be repaid in 2021.
Looks like $0.75 of FCF in 2020. We probably get $0.50 of FCF in 2021. Impressive.
DCM trades at 3x EV/EBITDA (ex leases from EBITDA). FCF yield is >50%.
This is so cheap...bording ridiculous. The company is not distressed.
Return of capital is possible by end of 2021.
If we see continued FCF conversion and steadying revenues (which I expect), I think we see mulitple expansion...and this stock will run hard.