Quick Value #276 - Quality Small Cap

Small-cap telco with a high-quality "GoodCo" and inflecting FCF + capital allocation

Today’s post:

• Shares down 70% over 5-year period

• Stock trades at 5x EBITDA and 6x FCF with 2.5x leverage

• GoodCo = 5% sales growth and 7% EBITDA growth since 2016

Quick reminder — For newer subscribers, my write-ups are meant to be a “jumping off point” for the idea generation process (i.e. a surface level review). Check out past write-ups here and my home base page here.

Recent write-ups include:

• 07/14/25 — Babcock & Wilcox (BW) option-like upside

• 07/01/25 — An early look at DNOW merger with MRC Global ($)

• 06/23/25 — Reviewing RAL spin-off and FTV RemainCo

• 06/16/25 — Deep dive into AIRT public HoldCo model ($)

• 06/10/25 — A “way too early” look at CMCSA and WBD cable spins

• 06/02/25 — Mid-year review of recommended ideas ($)

• 05/24/25 — Guide to reviewing a 10-K

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