RCMT
I listened to the CC, sounds like they had as some already said. Three one line items in q4, that caused about 2.6 million in one time expenses pre tax by my estimation. That would of put earnings in the low to mid .70's in q4. Now them talking about double digit EBITDA growth really doesn't excite me as much. Those 2.6 Million in expenses are essentially the adjusted EBITDA growth in 2025. That alone puts EBITDA growth up slight over 10%, so essentially based on that they are really not growing than. I expected about $2.65-2.75 for the current FY coming into the earnings report. After listening I expect $2.25-2.35. which will show growth of $2.03, But in reality it is not because there was about .23-.25 or so of one time expenses sitting in q4. Hence in reality they are not growing that much in FY 25 given that forecast. On a positive note, assuming no one time costs it is highly likely they hit there guidance. Stock probably deserves about a 7-8 PE hence FV is somewhere in the $16-18 range for me. Hence the mid 15's is simply not that exciting. The multiple I lowered for three reason (a) they didn't hit there forecast. (b) really not that much growth if you assume there forecast given, the one time costs in this year. (c) slight risks with possible hits to there business with stuff coming out of DC (Although that risk I don't see or perceive as high). For me unless it revisits the $13 I will not be buying back anytime soon. All is just my opinion, and I could always be wrong though.
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