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Bullboard - Stock Discussion Forum mdf commerce Ord Shs MECVF

mdf Commerce Inc. is a Canada-based company, which enables the flow of commerce by providing a set of software-as-a-service (SaaS) solutions designed to optimize and accelerate commercial interactions between buyers and sellers. It offers procurement, ecommerce and emarketplace solutions. Its emarketplaces connect buyers and sellers across multiple industries and offer transactional platforms... see more

OTCPK:MECVF - Post Discussion

mdf commerce Ord Shs > National Bank Raises MDF Target to $3
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Post by davgro on Oct 06, 2022 12:32pm

National Bank Raises MDF Target to $3

National Bank Assesses MDF Commerce's Sale of InterTrade Systems Raises Target to $3

2022-10-05 02:03:50 PM ET (MT Newswires)

02:03 PM EDT, 10/05/2022 (MT Newswires) -- MDF Commerce announced that it closed the sale of its wholly owned subsidiary - InterTrade Systems to SPS Commerce for gross proceeds of $65.8 million (US$48.5 million) in an all-cash transaction.
 
"In our view, that's an attractive valuation given the growth profile of this business (~5% Y/Y in FQ1'2023)," writes National Bank analyst Richard Tse, who has a moderate view on MDF. "We view this transaction positively in that it deleverages MDF Commerce's balance sheet, while honing its focus on its two core platforms of ecommerce and eprocurement."
 
Still, it is premature to conclude the remaining businesses are fundamentally undervalued as the divested business had a mid-20s EBITDA margin (NBFe); as such, the divestiture will have a negative impact the company's EBITDA profile, Tse notes.
 
Maintain Sector Perform. Target raised to $3 (from $2).
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