@JerryCap Thank you so much for getting back to me!
Yeah, that's my understanding as well. Annualize Q1 is 133.6 E2E, so still a lot of potential, but it's not all gateway volume, but somewhere in the middle
@AKWilk The positives are higher margin, fcf conversion, but how do you feel about the low growth and BX Viking exiting (&high buyback price)? Also, the current multiple is quite high (especially on unadjusted basis)
@D_Rose92 May I know how u feel about the adjustments to get to ANI i.e. 1) non-recurring expenses (c.3m per Q even if there is no acquisition); 2) SBC, which is quite high as % of ANI; and 3) earn out related compensation since Q4 2022(one can argue this is due to outpeformance)
@bizalmanac Hey Andy, how do you feel about the adjustments to get to ANI i.e. 1) non-recurring expenses (c.3m per Q even if there is no acquisition); 2) SBC, which is quite high as % of ANI; and 3) earn out related compensation since Q4 2022(one can argue this is due to outpeformance)
@ValueStalker@MikeSimanovsky Great write up! May I know how do you feel about the current EV/ normalized EBTIDA level (using the annalized Q1 corporate SG&A or $25.6mm, I get c.17x) vs its historical level or peers like BKD?