Nice write up. I just worry that without an inflection or catalyst they continues to pump $'s into m&a just to (like you say) run in place. Likely that's what the market is thinking. An activist might be needed here to filter & refine their m&a strategy & push more towards buybacks. That said perhaps without the m&a they don't generate enough fcf to ramp the buybacks.
We share lots of thoughts on the stock. I have a writeup coming for it this week and would love to get your two-cents
Happy to, drop a link or send a DM!
Congrats buddy your big enough you have bots now
Nice write up. I just worry that without an inflection or catalyst they continues to pump $'s into m&a just to (like you say) run in place. Likely that's what the market is thinking. An activist might be needed here to filter & refine their m&a strategy & push more towards buybacks. That said perhaps without the m&a they don't generate enough fcf to ramp the buybacks.
Agreed... it looks like 2025 guide is first year in several that M&A will add to results (5-6% sales + EBITDA growth)
Said differently, what's the underlying organic growth of these businesses over 5-6 years? Hard to tell...
Last 3 years were $100-170m FCF ex-M&A which is ~6-9% of market cap. Cheap stocks can always get cheaper though :)
any updates on CCSI, ZD's former spin?
Nice write-up!