- Cash is ~60% of the ~$65m market cap: $39m cash and no debt leave roughly $25m of enterprise value after an $18m FCF year partly boosted by a one-time carrier program.
- Author’s base case assumes ~$8m of operating income this year, implying roughly 3.6x net-of-cash earnings; $27.6m of deferred tax assets could limit cash taxes for years.
- The fiber-cabinet segment doubled revenue in 18 months while gross margin rose from 27% to ~45%; copper retirement, federal fiber funding, new hires, and a carrier-executive director support the growth case.
- Author models ~$10 DCF and ~$11.70 sum-of-the-parts value versus ~$5 downside. Thin trading, absent SEC filings, and a controlling voting trust explain the discount; annual-meeting and mid-November results are near-term markers.
Investment pitches
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