4/4: Cormark cuts to 2.40. Calls QTRH “Speculative” All analysts have cut now. And the last two were the deepest.
Cormark interestingly takes the biggest slash to ITS with $18.9M EBITDA for 2023. And cuts the ITS multiple to industry average at 8.0X, valuing ETC and IRD at $150M. This is just above the equity that was put into the businesses.
The big difference and how they get to a $2.40 price target is they expect WiLan to generate $26M of EBITDA in 2023. If they only achieve 10M, using their model it would be an end of 2023 $1.75 target.