SIG

Woof. Not good.

On pre market prices, this is now ~4.5x FY ‘25 EBITDA, with only $100M net debt (&gt;2x EBITDAR, but manageable), ok FCF conversion

If flat to any growth in FY ‘26 = this is seems too cheap (start of a bad thesis right there)

When is this worth a closer look? https://t.co/GJouZHYiOP