A positive Q4 / FY 2024 update for S4 Capital #SFOR.

Revenue (£746m) and EBITDA (£84m) slightly ahead of, and YE net debt position significantly below (<£150m), consensus forecasts.

"Current indications are for net revenue and operational EBITDA to be broadly similar in 2025 to 2024."

Dowgate Capital's note out this AM suggests EBITDA of £85m, and end 2025 net debt of £125m.

At 33.5p / £204m mkt cap, that puts SFOR on a 2025 EV/EBITDA of only 3.87x. Far too cheap, in my view.

Dowgate comment:

"We retain our view that the shares will multiply from the current depressed level of just 0.5x revenues and 4x EBITDA as evidence of revenue recovery, margin improvement and further debt reduction comes through."

Could be the start of a monster recovery here.