Tufropes comp Garware stock price on fireGarware, which trades in India (symbol: GTFL) is +43% YTD and trading at 6.7x TTM sales and 32x EBITDA. It's about twice the size of Aimia's Cortland/Tufropes division, and with a better business mix skewed more towards nets than ropes, thus TTM EBITDA margin = 21% vs. 11% for Cortland/Tufropes, so some valuation premium to Tufropes seems warranted.
But still maybe Aimia could IPO that business in India (the vast majority of it is based in India) and take advantage of the valuation premium on offer over there. At 15x TTM EBITDA of $16 mil. that would be $240 mil. which is essentially break-even on Aimia's cost for Tufropes, but likely a lot more than the market is assuming it's worth.
India is one of the highest valuation markets globally, and small cap in India (MSCI India Small Cap Index) are up +30%, vs the India Bombay Sensex +13%. Aimia has nearly half of its net worth invested in India. Hopefully the market will recognize that at some point.