CCG AX - a three-bagger in three years (highest conviction pick), page-7

Brilliant piece, @Icahn.

I enjoyed listening to the H1 FY22 investor webinar, which can be replayed here on-demand: https://us02web.zoom.us/webinar/register/WN_1Xvm3ASrQtCuPHP4ljA81w

There was a torrential list of questions in the Q&A section (probably by a small group of well-informed investors) and the CEO Peter McGrath masterfully answered them all in my opinion.

It really comes down to management execution now and the team has already proven their mettle (in historical roles) and over the past two years with CCG.

On an EV/EBITDA basis, at 10.5c we are looking at a MC of $36m, an EV of ~$42m and an EV/EBITDA multiple (with the combined entity) of 6x (using the forecast of $7m EBITDA pa.)

So, I think there is probably an uplift of 100% in the share price purely from a multiples re-rate from 6x to 12x EBITDA, in a bull case scenario.

Very compelling situation here in my opinion. Keen to hear any counter perspectives from any ASX:CCG bears.