RE:RE:RE:Investor Presentation - path for growth The way I see it is the stock price is pricing in a lot of negativity. Debt to ebitda is reasonable and is still under 3 with ebitda at ~ $16m annually and net debt of $41.816m In addition, the working capital is a healthy $18.408m.
I think most of the negativity is already priced into the stock and nobody is able to see the light at the end of the tunnel. Certainly more visibility from the province of Quebec is needed for the share price to move higher.
Btw, even considering additional contingency payouts, the pre-tax returns on invested capital is still very strong and above 20%. That's exactly how you compound shareholder value.