Seneca Park Research
Long/short equity, deep value, special situations, hedge fund manager

UrtheCast Corp.: A High-Growth, Quality Business Trading At 2X 2017 EBITDA

(Editor's note: UrtheCast trades on the Toronto Stock exchange under ticker symbol UR.TO, with $400K CAD average daily volume).

UrtheCast Corp. (OTCPK:LFDEF)(TSX: UR, "UrtheCast") is a classic "baby thrown out with the bathwater" situation. Despite being a fast-growing industrial technology business in a high-margin industry - and a prime beneficiary of a weakening Canadian dollar - UrtheCast shares have become correlated to the price of oil and sold off meaningfully over the past 6-9 months. Shares in this high-growth, quality company now trade at a substantial discount to replacement cost and at 2x 2017 EV/EBITDA. The Baby and the Bathwater In today's investment climate, there are certain characteristics that make for an ideal "orphaned stock." The company ...
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