10x Revenues, Flat 25% FCF Margins, Falling -68% YTD Stock. Why?
PoW (#14) [1/3] 14 years of 20% ROIC, 70% recurring revenue with C$261m net cash on a $1bn market cap
We’ve gone through hundreds of pages of material on this company, so you don’t have to, and distilled it into one clean, decision-ready thesis.
This is not a quick overview; it’s a standalone mini deep dive.
On top of this, next Wednesday we’ll release a full recorded breakdown of the latest quarter and the forward catalysts, followed by a live Q&A.
We strongly recommend reading this post beforehand. It is the foundation. If you skip it, you will be behind the curve in the discussion.
Expect a focused, high-value session… not a marketing call.
As always, we’ll lay out exactly what the business is worth to us, with every assumption explained, alongside the specific catalysts we believe can close the gap between price and value.
Pick of the Week. A curated series of high-conviction research on companies currently under our microscope. We screen for specific dislocations where the market has mispriced the balance sheet or earnings power.
The Selection Criteria:
Asset Arbitrage: Trading at a discount to tangible liquidation value.
Backlog Disconnect: Future contracted revenue ignored by the market.
Hidden Margins: Structural profitability masked by temporary noise or CAPEX cycles.
The Structure:
The Business: A concise operational overview.
The Dislocation: The specific structural reason the opportunity exists.
The Valuation: A stress-tested snapshot including downside risks (”Red Flags”) and our proprietary score.
None of the following should be construed as investment advice. Please consult a financial advisor before making any investment decision. You will find a full disclaimer at the end of this post.
