The main thing I took from the quarterly results call was that the overall pipeline is up about 80% on the previous quarter (Reach’s pipeline is up significantly more than that) and that doesn’t include the partner channel over which they have limited visibility. I honestly just cannot believe how cheap LVT looks trading on an EV/ARR multiple of 3.4 times. The cheapest comparable stock I can find is 360 on about 5 times with the majority (ELO, DTC, DUB, BTH, NTO, WSP, NEA) on 8-14 times and outliers like MP1 and PME on 30 plus times. It really is beyond a joke. The stock could triple and still look reasonable value. I can only put it down to lack of broker coverage and institutional investor support, and questionable corporate governance. I reckon the December quarter could see some real traction in the ARR increase so I’ll continue to top up my already bloated holding.
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