I don't hold RPM, but noticed in a newsletter I read there was a mention this week - thought I'd share: https://www.insufficientcapital.com/insufficient-capital-june-update-2-2/
"We estimate that the business will generate around $3.1m of NPAT in FY22 and $5.5m+ of NPAT in FY2023. At a market capitalisation of $50m, the business is currently valued at circa 16x FY22 PE / 9x FY23 PE. Taking the middle of guidance, RPM trades at 5.9x EV/EBITDA – however, we care far more about cash flows than EBITDA for a business like RPM.
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"In saying that, we are not macro strategists but mere stock pickers. Considering the operational expertise of RPM’s founders, the company’s strong balance sheet (net cash of $3.8m) and compelling valuation, as well as its long growth runway, we are happy to join Clive on his three-year plan for $150m+ of group revenue."
