They seem to now be at a ~$10M ARR sales pace per year, and the avg. contract duration is pushing up to ~4 years meaning there should be very little churn. Given the contract duration and the software division's ~30% EBITDA margin, i think it's fair to give each $1 of ARR at least an 8x multiple - so at $10M new ARR per year that's $80M EV being created which is material relative to the ~$320M EV, and excludes retained cash flow from operations building up on the balance sheet.
Seems increasingly likely their advisory division will have a really solid few years, also, given where commodity prices are.
RUL Price at posting:
$1.47 Sentiment: Hold Disclosure: Held
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