Ann: Operating Cash Flow Improvements in Q4, page-95

I couldn’t agree more JP. Have a look at WSP which has been going through the roof - market cap of $492m with ARR of $42.2m so a multiple of nearly 12 times compared to LVT with a market cap of $234m and ARR of $55.2m (admittedly this has probably fallen over the last quarter) so a multiple of a bit over 4 times. Not to mention MP1 on over 20 times, etc. LVT seems to have their costs under control now so any signs of continued ARR growth (may not be for a quarter or two yet) should see the multiple rerate towards 10 times or more. Plenty of obvious upside!