RE:RE:RE:No price supportMy expectation for Q2 are actually very reasonable.
We're still early here in terms of the new strategy and I think the backdrop was quite challenging in the quarter (given the government restrictions). In fact, I expect Q2 will be the softest quarter of the year from a profit standpoint. It usually is given the seasonality.
Despite that, I expect continued strong FCF and debt repayment (>$5m). I also believe we'll be on an upswing in the second half of the year, with the reopening and new contract wins.
It comes down to what is a reasonable price.
For 2021, I expect EBITDA between $35m and $40m.
I'm looking for FCF of $20m, net of capex/restructuring, pension, etc.
End of year net debt should be below $30m.
So, we're still trading at 3x here...and I think this company is worth much more.