Quick Value #283 - Synchronoss (SNCR)
Microcap software provider undergoing balance sheet transformation; trading at <4x EBITDA with high visibility FCF growth over next 2-3 years.
Today’s post:
Shares down 40% YTD and 60% over past year
Received tax refund post-Q2 totaling 50% of market cap
Delevered from >7x in 2022 to 2.7x after receipt of tax refund
Non-cyclical + 90% contracted revenue through 2027-2030 = high visibility
I don’t often share the name of the company in write-ups for paid subscribers, but I recently tweeted I’ve been actively buying shares of this one; so these are my notes accompanying that idea.
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:
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08/25/25 — A look at Greenlight’s stake in Fluor (negative EV?) ($)
08/18/25 — Atleos a 20% EPS grower at 10x earnings
08/11/25 — Sangoma Technologies turnaround-to-growth transition ($)
08/04/25 — My sourcing list and watchlist process
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07/14/25 — Babcock & Wilcox (BW) option-like upside
06/23/25 — Reviewing RAL spin-off and FTV RemainCo
06/02/25 — Mid-year review of recommended ideas ($)
05/24/25 — Guide to reviewing a 10-K