Three-minute pitch #10

Dirt cheap + inflecting fundamentals

Hello, Ultimate Value readers!

I am back with a new idea today.

This is a name that has all of my favorite things:

• A ridiculously low valuation on a multiple of revenue and EBITDA.

• Significant margin of safety from tangible assets on the balance sheet.

• Inflecting top-line revenue.

• Inflecting free cash flow from an end to a CAPEX cycle, an end to a large SBC program, and a benefit from turning excess inventory into cash.

If I am anywhere near the ballpark on my assumptions, I think this could be a 2x.

Let’s take a look.