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  "docSlug": "4cc7dff78d8c",
  "documentTitle": "Dye & Durham Limited (DND)",
  "authorId": "27_Engine_Capital",
  "authorName": "Arnaud Ajdler",
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  "presentationDate": "2024-12-01 00:00:00",
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  "notes": "The slide uses a bar chart to visualize the gap between the current share price and the implied share price at the peer median multiple.",
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      "text": "D&D is currently trading at a significant discount to its peers, based on FY2024 consensus EBITDA estimates. Illustratively, at the peer median of 19.2x EV / FY2024 EBITDA, D&D would trade at $71.54 per share",
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      "text": "EV / FY2024 EBITDA: 19.2x",
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      "text": "In the Company's Q3 2023 earnings presentation, Dye & Durham included a slide suggesting that if DND's multiple traded in line with peers, it would imply a share price of $71.54. The peers still trade around that same multiple, yet the Board apparently considered selling the Company when the stock traded at just 8.1x EBITDA",
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      "text": "Note: All figures in CAD unless otherwise noted; share price as of the close on May 9, 2023. 1. Median of consensus estimates for North American Application Software providers with EBITDA greater than C$200 mm (52 total) per CapIQ. 2. Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures. Please see \"Non-IFRS Measures\". Additional details regarding the reconciliation of Net Income to Adj. EBITDA are available in the appendix. 3. This is forward-looking information. Please see \"Forward-Looking Statements\"",
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      "kind": "title",
      "text": "The Board Chose to Explore a Sale of the Company When the Stock Traded Significantly Below its Own View of Intrinsic Value",
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