Data Communications Management Corp T.DCM

Still undervalued

[lscfa]

 

	Before acq.	Add RRD	After acq.	Synergies	After synergies
Shs	44,062,831		44,062,831		44,062,831
Sh price	$1.30		$3.40		$3.40
Mkt cap	57,281,680		149,813,625		149,813,625
Net debt *	57,299,000	93,000,000	150,299,000		150,299,000
Ent value	114,580,680		300,112,625		300,112,625
Trailing ebitda	38,254,000	20,700,000	58,954,000	25,000,000	83,954,000
Multiple	3.00		5.09		3.57
* total liabilities - current assets

[lscfa]

Another approach....     eps DCM 2022 0.30 Add RRD 0.11 Int on $93M debt -0.17 $25 mil Synergies 0.57 Merged co 0.805