As long as results are this lumpy (which sounds to be just simply a feature of the business cycles), it caps the multiple I would assume? however, if the depreciation releases, you could get some real blow out earnings which seem to track headlines better than cash flows.
You're right, Wolf. Rating this company seems tricky. The FINS seem great, but the focus on 1 industry, province and only 1 or 2 clients gives me pause. Remember what happened to Cal Nano?
As long as results are this lumpy (which sounds to be just simply a feature of the business cycles), it caps the multiple I would assume? however, if the depreciation releases, you could get some real blow out earnings which seem to track headlines better than cash flows.
Yep. Depends what you like. Lower P/E but with softening CF multiples. 🤔
You're right, Wolf. Rating this company seems tricky. The FINS seem great, but the focus on 1 industry, province and only 1 or 2 clients gives me pause. Remember what happened to Cal Nano?
Wolf opinionated, NEVER…! ! !