Q1 Results - Thoughts?Some thoughts I have reading the Q1 results announcement:
- Revenue is up (comparing Q12022 to Q42021), but billable service hours is down (they said due to Omicron-related absences). It seems there is pressure on the bottom line - presumably from their stated investment in capacity to eventually expand geographically?
- The transport division still hasn't been optimized yet from the supply chain issues. Is it making a positive contribution to EBITDA yet?
- On a go forward run-rate, the stock is trading around 6 times EBITDA - seems quite cheap to me based on their planned expansion?
My gut feeling is that there isn't anything here to push the stock to a higher level. It is frustrating to see the stock price decay week by week, but I will have patience as they roll-out their expansion plans.