RE:What has been accomplished since the ERP malfunctionThis is the most bullish I've been in a long time. Maybe the largest position I've owned too (in $$).
Due to the generous CEWS, I think the company delayed its restructuring, particularly in terms of employee count, until the 2H or 2022. That, and a smaller revenue base, led to a lot of restructuring costs at the end of 2022.
At this point, management indicated restructuring costs will be very limited (I think <$1 million in 2022). Margins are strong and trending stronger. Paper pricing and volume growth will drive higher revenues in 2022.
I think EBITDA will be close to $33 million and FCF will be near $16 million in 2022.
Best part: the company is having traction with its top line that I think can extend for several quarters. Not sure how DAM plays out -- but that's upside optionality.
RRD (taken out), QUAD, SXP have all had strong runs. I think if DCM's Q4 revenues were a little stronger and its restructuring costs a little lower...its shares would have run hard.
I think it will after Q1...