Thanks for the write-up. I have a question on the relative valuation table, specifically Orsero EV FCF entry of 3.5. It seems inconsistent with the data regarding a MC of some 200M and net debt of 128M with a 2024 expectation of 20M in FCF - this would seem rather like 15x EV FCF to me. Can you comment how where that table entry stems from? Thanks!
Thanks for getting back and clarifying - but you state that in 2023, due to acquisitions, the FCF was -9m (I didn't check). Did you adjust the FCF for acquisitions to get to that multiple?
Thank you for making this company known.
After a brief analysis, it seems to me to be clearly undervalued and with great potential for appreciation.
The question is always the same: when will the stock reflect its real value?
While we wait, we are well compensated through a juicy dividend and share buybacks.
I rate this stock a clear a buy.
Thanks for the write-up. I have a question on the relative valuation table, specifically Orsero EV FCF entry of 3.5. It seems inconsistent with the data regarding a MC of some 200M and net debt of 128M with a 2024 expectation of 20M in FCF - this would seem rather like 15x EV FCF to me. Can you comment how where that table entry stems from? Thanks!
This number is the LTM ratio. You're right, looking forward to the full year 2024, the EV/FCF ratio is projected to be around 15x.
Thanks for getting back and clarifying - but you state that in 2023, due to acquisitions, the FCF was -9m (I didn't check). Did you adjust the FCF for acquisitions to get to that multiple?
Yes, FCF is adjusted.
Ah ok, gotcha. Thanks