Jul 13, 2023Liked by @Govro12 WinterGems Stocks

Thanks @govro - I really appreciate you sharing your thoughts!! A couple of things stood out to me and keen to hear how you think about this. 1) the rate of inorganic growth seems to have slowed and the acquisition multiple being paid is higher than historic levels - annualized sales using acquisitions for first half is $26m whereas historically annualized sales for full year has been around the $75m also paid sales multiple 0.8x relative to historic 0.4x - 0.6x. 2) I am surprised that you are anticipating revenue growth in Q3 as management have seen a 10% rev decline in June (from earnings call). 3) keen to hear also what you think is a reasonable normalized EBITDA margin over the longer term (management have recently reduced guidance to 13%-14% although i suspect as US gains scale this could approach 14%-15%) how do you think about this? And lastly do you know if management has set any targets for topline growth and maybe also specifically growth for US bussines? Keen to hear your thoughts and thanks again for sharing - very insightful as always!

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