I think Russ was probably talking about EBITDA margin, which AMA...

I think Russ was probably talking about EBITDA margin, which AMA used to run at nearly 10% pre-COVID. Anyway here's the model from that brokerage firm report. In my view, AMA needs to dramatically increase margin through price improvements with Suncorp / CapitalSmart. But even in the pathetic scenario laid out by this analyst (a 5.5% EBITDA margin in 2025), the stock is still a triple from here as the model shows $24 mil. in "net cash flow" which is free cash flow after lease expense in 2025, and $37 mil. in 2026. So a $0.15 per share stock price (3x current price) = $271 mil. market cap. = 11.3x FCF of $24 mil.