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CVON - Under-Followed IT Services Asset @ ~9.6x EBITDA & ~11.3x PE

|Includes: ConvergeOne Holdings, Inc. (CVON)
Summary

Acquired by a SPAC in late 2017.

$700MM Market Capitalization, $1Bn+ PF Revenue.

Not for risk-averse investors - 4X net Leverage - public LBO.

~20% of FCF toward dividend payments, remaining FCF used to sweet (reduce) debt.

Limited sell-side analyst coverage.

Will post a full write-up similar to my others in the coming days, but wanted to get this out sooner rather than rate. I acknowledge this is not a perfect business

..See investor presentation below for the quick read.

Disclosure: I am/we are long CVON.

Additional disclosure: Am long the warrants (no longer trade) and am considering an additional equity position.