Surfing

A completed turnaround hidden in plain sight. A company sheds its unprofitable segments, pays off all its debt, returns capital to shareholders; trades for only 4.36x EV/EBITDA.

• Trades for 4.36x EV/EBITDA.

• Spent the last year selling off bad business lines.

• Used sale proceeds to pay down debt.

• Remainco has been profitable for at least 30 consecutive years.

• Business is now in a net cash position.

• Cash is nearly 40% of market cap.

• Returning capital via special dividends.